NetApp Reports $1.66B Revenue, $1.87 EPS, 6.15% Increase, Exceeding Expectations by $18M

NetApp Inc. reported its quarterly earnings, revealing a revenue of $1.66 billion, which represents a 6.15% increase year-over-year and surpasses analysts' expectations by $18 million. The company's earnings per share (EPS) reached $1.87, an 18.35% rise from the previous year, exceeding estimates by $0.09. The positive results were attributed to the company's advancements in AI, cloud, all-flash storage, and storage-as-a-service innovations, which have driven increasing sales to both existing and new customers. CEO George Kurian indicated that NetApp is gaining market share in an improving enterprise environment, highlighting the company's strategic positioning in the sector.