NetApp Posts Better Than Expected Q1 Results

NetApp (NASDAQ:NTAP) released its Q1 results that exceeded expectations. The company achieved an earnings per share (EPS) of $1.15, surpassing the Street estimate of $1.07. The revenue experienced a year-over-year decline of 10%, amounting to $1.43 billion, which still managed to exceed the Street estimate of $1.41 billion. Billings also showed a decrease, reaching $1.30 billion, reflecting a year-over-year drop of 17%.

For the upcoming second quarter of 2024, NetApp projects an EPS range between $1.35 and $1.45, which compares to the Street estimate of $1.38. Additionally, the company anticipates revenue to fall within the range of $1.455 billion to $1.605 billion, compared to the Street estimate of $1.51 billion.

Looking at the full fiscal year, NetApp expects its EPS to range from $5.65 to $5.85, compared to the Street estimate of $5.70.