NetApp Stock Rises On Q2 Earnings Beat: Retail Sentiment Brightens
By Stocktwits Inc | First Published Nov 22, 2024, 10:22 AM ISTNetApp posted Q2 revenues of $1.66 billion, up 6% from the same period last year, beating Wall Street estimates by 0.79%.
Shares of NetApp Inc. ($NTAP) rose 5% in after-hours session on Thursday after the intelligent data infrastructure provider posted better-than-expected second-quarter earnings on the back of strong demand for cloud storage, lifting retail sentiment.
Non-GAAP earnings per share (EPS) stood at $1.87, 4.8% above consensus estimates, according to Stocktwits data. Its non-GAAP net income for the reported quarter came in at $392 million compared with $334 million from last year.
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NetApp posted Q2 revenues of $1.66 billion, up 6% from the same period last year, beating Wall Street estimates by 0.79%. Its Revenue from its public cloud segment grew to $168 million compared to $154 million in the year-ago period. Its hybrid cloud revenue accounted for $1.49 billion of the total revenue of $1.66 billion.
The company also gave financial guidance for the third quarter 2025. NetApp expects third-quarter non GAAP EPS to be between $1.85 and $1.95. Net revenues are expected to be in the range of $1.61 billion and $1.76 billion.
For the full year 2025, it expects net revenues to be in the range of $6.54 billion and $6.74 billion and EPS to be between $7.20 and $7.40. This marked an upward revision from the $6.48 billion-$6.68 billion revenue guidance and the $7.00-$7.20 outlook the company issued in late-August.
Its cash, cash equivalents and investments stood $2.22 billion at the end of the second quarter of fiscal year 2025.
NetApp stock is up 47% year-to-date.
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