NetApp announced earnings per share of $1.42 on revenue of $1.68B. Analysts polled by Investing.com anticipated EPS of $1.28 on revenue of $1.68B.
NetApp shares are down 21% from the beginning of the year, still down 25.11% from its 52 week high of $96.82 set on January 14. They are outperforming the Nasdaq which is down 23.33% from the start of the year.
NetApp follows other major Information Technology sector earnings this month
NetApp’s report follows an earnings beat by NVIDIA on May 25, who reported EPS of $1.36 on revenue of $8.29B, compared to forecasts EPS of $1.3 on revenue of $8.12B.
Broadcom had beat expectations on May 26 with second quarter EPS of $9.07 on revenue of $8.1B, compared to forecast for EPS of $8.71 on revenue of $7.91B.