NetApp (NASDAQ:NTAP) reported quarterly earnings of $1.28 per share on Tuesday and lifted its financial outlook for the full year 2022, driven by a “strong demand environment.”
The company’s bottom line totaled $224 million, compared to $137 million in last year’s second quarter.
Billings for the quarter increased 7% year-over-year to $1.55 billion while having a free cash flow of $252 million.
Over the last four quarters, the company has surpassed consensus EPS estimates four times. Following the results, shares of the software company climbed 2.44%, up 34% from the beginning of the year.
Currently, the company is outperforming the Nasdaq, which is up 20.56% from the start of the year.
ABOUT NETAPP, INC.
NetApp, Inc. is a cloud-led, data-centric software company that provides systems, software, and cloud services.
These services enable them to run applications optimally from data center to cloud whether you’re moving enterprise applications or production-level workloads.
Looking forward, NetApp expects adjusted earnings of $4.90 to 5.10% per share and revenue growth of 9% to 10% for the full year 2022.
Analysts polled by Thomas Reuters currently estimate average earnings of $5.01 per share and revenues of $6.26 billion.
“We delivered another strong quarter, with results all at the high end or above our guidance. Our performance reflects a strong demand environment, a clear vision, and exceptional execution by the NetApp team and gives the confidence to raise our full-year guidance for revenue, EPS, and Public Cloud ARR.” – Chief executive officer, George Jurian.
Future earnings expectations and the sustainability of the stock’s pressing price movements will mostly depend on management’s commentary on the earnings call.
While NetApp has outperformed the market so far this year, investors should be mindful that the outlook for the industry can have a material impact on the performance of the stock and the company’s earnings outlook.
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