NetApp stock jumped late Thursday, after the enterprise data storage company's fiscal second quarter results beat estimates for earnings and sales.
NetApp said in a news release that it earned an adjusted $1.87 per share on sales of $1.66 billion for the October-ended quarter. Analysts polled by FactSet projected the San Jose, Calif.-based company would post adjusted earnings of $1.78 per share on sales of $1.65 billion.
For the same period a year earlier, NetApp posted adjusted earnings of $1.58 per share on sales of $1.56 billion.
"Our strong Q2 performance was driven by another record-breaking quarter in all-flash storage and strong performance in first party and marketplace cloud storage services," Chief Executive George Kurian said in a news release.
For the current quarter, NetApp guided for sales of $1.69 billion at the midpoint of its range. Prior to the company posting its results, analysts were projecting NetApp would tally $1.68 billion in sales for the January-ending quarter, according to FactSet.
On the stock market today, NetApp stock is up more than 3% at 130.50 in after-hours action.
NetApp Stock Up 46% This Year
Founded in 1992, NetApp offers a storage hardware and software platform for enterprises.
Prior to earnings, NetApp stock gained 2.6% in regular Thursday trading. Shares have gained 46% this year, ahead of a 25% gain for the S&P 500.
Coming into the report, NetApp stock had an IBD Composite Rating of 80 out of a best-possible 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better.
Prior to earnings, NetApp stock was trading below a 135.01 consolidation pattern buy point, according to MarketSurge.
