Storage company, NetApp posted a higher-than-expected revenue thanks to strong demand for its all-flash and object storage systems.
The company’s revenue in the second quarter was $1.57 billion on net income of 98 cents per share. NetApp posted $1.28 per share on non-GAAP earnings for the second quarter. Wall Street had forecast estimated revenue of $1.55 billion for the second quarter, with a non-GAAP profit of $1.21 per share.
For the third quarter, the company forecasts revenue of between $1.525 and $1.675 billion, with non-GAAP earnings of between $1.21 and $1.31 per share.
Analysts, however, expect estimated revenue of $1.59 billion on a non-GAAP profit of $1.29 per share.
For fiscal 2022, NetApp forecasts revenue growth of 9-10% with non-GAAP earnings between $4.90 and $5.10 per share.
NetApp benefits from its hybrid cloud deployment. NetApp also benefits from its Ontap software as a managed service.