Why NetApp Shares Jumped on Wednesday Morning
Shares of data management expert NetApp (NASDAQ: NTAP) surged as much as 10.5% higher on Wednesday morning, following a strong second-quarter earnings report.
In the second quarter of fiscal year 2021, NetApp's sales rose 4% year over year to $1.42 billion. Adjusted earnings fell 4% to $1.05 per diluted share. Your average Wall Street analyst would have settled for earnings of roughly $0.73 per share on revenue near $1.32 billion. The results also exceeded NetApp's guidance targets across the board.
"We saw strength in all geographies with larger customers accelerating their digital transformations with NetApp," CEO George Kurian said on the earnings call. "Our competitors have real challenges in executing their product transitions that we are taking advantage of."
Source Fool.com
