NetApp: Fiscal Q1 Earnings Snapshot

SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — NetApp Inc. (NTAP) on Wednesday reported fiscal first-quarter net income of $375 million.

On a per-share basis, the San Jose, California-based company said it had profit of $1.88. Earnings, adjusted for one-time gains and costs, came to $2.58 per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.13 per share.

The data storage company posted revenue of $2.03 billion in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $1.84 billion.

For the current quarter ending in October, NetApp expects its per-share earnings to range from $2.54 to $2.64.

The company said it expects revenue in the range of $2.03 billion to $2.17 billion for the fiscal second quarter.

NetApp expects full-year earnings in the range of $9.73 to $10.03 per share, with revenue ranging from $7.98 billion to $8.23 billion.

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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