NetApp Inc., the provider of enterprise data, storage and cloud management, said Wednesday that it saw its third quarter in a row of growth in revenue and billings.
“Looking ahead, we are uniquely positioned to address customers’ requirements for digital transformations as they deploy workloads in the cloud, as well as maintain and modernize on premises,” Chief Executive George Kurian said in a statement.
Despite beating expectations, NetApp NTAP,
The company reported fiscal third-quarter net income of $182 million, or 80 cents a share, compared with $277 million, or $1.21 a share, in the year-ago period. Adjusted earnings were $1.10 a share, adjusted for stock-based compensation, taxes from acquisition integration and more. Revenue rose to $1.47 billion from $140 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.01 a share on revenue of $1.43 billion.
NetApp expects fourth-quarter earnings of 78 cents to 86 cents a share on revenue of $1.44 billion to $1.54 billion, and adjusted earnings of $1.06 to $1.14 a share. Analysts had forecast $1.09 a share on revenue of $1.46 billion.
NetApp shares have risen more than 7% year to date and are up 28% in the past three months, compared with a 3.6% increase so far this year for the S&P 500 Index SPX,
