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NetApp: Fiscal 2Q Earnings Snapshot

SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Wednesday reported fiscal second-quarter earnings of $241 million.

On a per-share basis, the Sunnyvale, California-based company said it had net income of 91 cents. Earnings, adjusted for stock option expense and amortization costs, came to $1.06 per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.

The data storage company posted revenue of $1.52 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $1.51 billion.

For the current quarter ending in February, NetApp expects its per-share earnings to range from $1.12 to $1.18. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.13.

The company said it expects revenue in the range of $1.55 billion to $1.65 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.6 billion.

NetApp shares have risen 41 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 1 percent. In the final minutes of trading on Wednesday, shares hit $78.24, a climb of 72 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NTAP at https://www.zacks.com/ap/NTAP