NetApp Inc. announced a loss in the first quarter amid a restructuring that the company said would eliminate 500 jobs.
The company said it expected to complete the overhaul by the third quarter and estimated the cost at $25 million to $35 million. It recorded a charge of $27 million in the first quarter.
"The IT industry as a whole is going through fundamental change as enterprises transform themselves with digital capabilities. Data is at the heart of these transformations," Chief Executive George Kurian said, adding: "Our first fiscal quarter marks the beginning of a new chapter for NetApp."
Shares, which set a 52-week-low during regular trading Wednesday, surged 12% to $33.37 in late trading.
