NetApp, Inc. (NASDAQ:NTAP) shares closed more than 7% higher on Thursday following the company’s reported Q1 results, with EPS of $1.20 coming in better than the Street estimate of $1.10. Revenue was $1.59 billion, compared to the Street estimate of $1.55 billion.

The company also reported stronger Public Cloud ARR, as it benefitted from a quicker recovery in the Spot business. The one negative is that Product margins remained muted.

The company expects Q2/23 EPS in the range of $1.28-$1.38. Revenue is expected to be in the range of $1.595-1.745 billion, compared to the Street estimate of $1.66 billion.

For the full 2023-year, the company expects EPS to be in the range of $5.40-$5.60.