NetApp Inc. (NASDAQ: NTAP) put its foot on the accelerator Thursday, having reported stronger-than-expected earnings for its second quarter on Wednesday.
Net revenues proved to be $1.30 billion, compared to $1.24 billion in the first quarter of fiscal year 2020
GAAP net income was $77 million, compared to GAAP net income of $103 million in the first quarter of fiscal year 2020; non-GAAP net income of $163 million, compared to non-GAAP net income of $157 million in the first quarter of fiscal year 2020.
GAAP net income per share was $0.35 compared to GAAP net income per share of $0.42 in the first quarter of fiscal year 2020; non-GAAP net income per share of $0.73, compared to non-GAAP net income per share of $0.65 in the first quarter of fiscal year 2020
Said CEO George Kurian, "We executed well in the first quarter. Revenue, operating margin and EPS all exceeded our guidance, despite a challenging environment. Enterprises are increasingly prioritizing transformational and hybrid cloud projects, which drove our momentum as customers turn to NetApp to help them achieve these goals."
Newest developments with the company: NetApp announced the latest release of NetApp Active IQ™, which uses advanced artificial intelligence for IT operations (AIOps) to automate the proactive care and optimization of NetApp environments. It adds new interface features, new workloads, and a new customer experience.
NetApp announced that NetApp HCI now offers a two-node storage cluster, providing a scalable entry point for customer workloads with the latest release of NetApp Element™ 12.0 and NetApp HCI 1.8.
Shares leaped $3.34, or 7.9%, to $45.55.
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