Investing.com - NetApp (NASDAQ:NTAP) reported on Tuesday second quarter earnings that beat analysts' forecasts and revenue that topped expectations.
NetApp announced earnings per share of $1.28 on revenue of $1.57 billion. Analysts polled by Investing.com anticipated EPS of $1.21 on revenue of $1.55 billion.
The software company revealed billings for the quarter increased 7% year-over-year to $1.55 billion, while it has $252 million in free cash flow.
"We delivered another strong quarter, with results all at the high end or above our guidance. Our performance reflects a strong demand environment, a clear vision, and exceptional execution by the NetApp team and gives the confidence to raise our full year guidance for revenue, EPS and Public Cloud ARR," said George Kurian, CEO of NetApp.
"We are gaining share in the key markets of all-flash and object storage, while rapidly scaling our public cloud business. Our industry-leading innovation and unique and deep cloud partnerships position us well to capitalize on significant opportunity ahead."
NetApp see's its Q3 Non-GAAP EPS coming in between $1.21 to $1.31, compared to the consensus of $1.28, while it raised its full fiscal year 2022 estimate to a range of $4.90 - $5.10. FY 2022 revenue is anticipated to grow between 9% and 10%, up from the previous 8% to 9% range.
Following the results, NetApp shares climbed 2.44%. They are up 34% from the beginning of the year, still down 6.07% from its 52 week high of $94.69 set on October 15. They are outperforming the Nasdaq which is up 20.56% from the start of the year.
NetApp follows other major Information Technology sector earnings this month
Cisco had beat expectations on November 17 with first quarter EPS of 82 cents on revenue of $12.9 billion, compared to forecast for EPS of 80 cents on revenue of $12.98 billion.
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