NetApp stock rallies on earnings beat, long-term outlook

NetApp Inc. shares NTAP rallied in the extended session Wednesday after the cloud-data software company topped Wall Street estimates for the quarter and offered a conservative near-term outlook. NetApp shares rose 6% after hours, following a 4% decline in the regular session to close at $66.35. The company reported fourth-quarter net income of $245 million, or $1.13 a share, compared with $259 million, or $1.14 a share, in the year-ago period.

The company reported fourth-quarter net income of $245 million, or $1.13 a share, compared with $259 million, or $1.14 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.54 a share, compared with $1.42 a share in the year-ago period. Revenue declined to $1.58 billion from $1.68 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast $1.35 a share on revenue of $1.54 billion.

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