NetApp stock jumps 6% on Q4 beat By Investing.com

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NetApp stock jumps 6% on Q4 beat

Published May 31, 2023 16:44

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NetApp (NASDAQ:NTAP) shares surged more than 6% after-hours following the company’s reported Q4 earnings, with EPS of $1.54 coming in better than the consensus estimate of $1.34.

Revenue fell 6% year-over-year (down 4% in constant currency) to $1.58 billion, beating the consensus estimate of $1.55B. Billings fell 17% year-over-year (down 15% in constant currency) to $1.67B.

“Our sharpened focus and disciplined execution yielded solid Q4 results in a dynamic environment. Digital transformation projects involving business analytics, AI, data security, and application modernization, both on premises and in the cloud, remain top IT priorities,” said CEO George Kurian.

For Q1/24, the company expects EPS in the range of $1.00-$1.10, compared to the consensus of $1.19, and revenue in the range of $1.33-$1.48B, compared to the consensus of $1.47B.

For the full year, EPS is seen at $5.65-$5.85, compared to the consensus estimate of $5.57. Net revenues are expected to be down year-over-year in the low-to-mid single digits on a percentage basis.

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