NetApp Inc. (NASDAQ: NTAP) posted stronger-than-expected earnings for its second quarter and issued an upbeat earnings guidance for the third quarter.
NetApp reported net revenues of $1.42 billion, compared to $1.37 billion in the second quarter of fiscal year 2020
GAAP net income proved to be $137 million, compared to GAAP net income of $243 million in the second quarter of fiscal year 2020; non-GAAP net income of $236 million, compared to non-GAAP net income of $257 million in the second quarter of fiscal year 2020
GAAP net income per share 3 of $0.61 compared to GAAP net income per share of $1.03 in the second quarter of fiscal year 2020; non-GAAP net income per share of $1.05, compared to non-GAAP net income per share of $1.09 in the second quarter of fiscal year 2020
Cash, cash equivalents and investments came in at $3.65 billion at the end of the second quarter of fiscal year 2021
Cash used in operations totaled $161 million, compared to $(53) million in the second quarter of fiscal year 2020
The company returned $107 million to shareholders through cash dividend
To quote CEO George Kurian, "In the second quarter, NetApp again delivered strong results, successfully executing against our plan to scale our cloud business while growing in the storage market. We also introduced significant new products and services which further advance our Data Fabric strategy."
NTAP shares hiked $4.11, or 7.6%, to $58.27.
