Data storage solutions provider NetApp Inc. (NTAP), said Wednesday its profit for the first quarter sharply declined from last year, as seasonal weakness and economic uncertainties impacted sales and margins. Nonetheless, NetApps's earnings for the quarter easily topped Wall Street estimates, while revenues missed expectations.
Going forward, NetApp provided earnings and revenue guidance for the second quarter, which is indicated to top Street estimates. NetApp shares gained nearly 6.0 percent in after-hours trade on the Nasdaq, following the news.
More at NetApp Profit Slumps; Stock Up On Upbeat Outlook - NASDAQ
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