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While the top- and bottom-line numbers for NetApp (NTAP) give a sense of how the business performed in the quarter ended January 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
NetApp, Inc. (NASDAQ:NTAP) Q3 2024 Earnings Conference Call February 29, 2024 5:00 PM ET
NetApp (NTAP) came out with quarterly earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.69 per share. This compares to earnings of $1.37 per share a year ago.
NetApp raised its annual profit forecast on Thursday, as businesses spend more on cloud-based data management services for digital transformation, sending its shares up 13.6% in extended trading.
NetApp's (NTAP) fiscal third-quarter performance is likely to have gained from momentum in product, and hyperscaler first-party and marketplace services amid soft macroeconomic conditions.
Besides Wall Street's top -and-bottom-line estimates for NetApp (NTAP), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended January 2024.
NetApp NTAP a company that provides on-premises data storage systems and public cloud services, is poised to report its Q3 FY'24 results toward the end of February. We expect the company's revenues for the quarter to come in at about $1.6 billion, slightly ahead of estimates, and about 4% ahead of the last year.
Momentum in cloud computing, IoT, auto, connected devices and AI is likely to favor the prospects of the Zacks Computer - Storage Devices industry players like SMCI, NTAP, WDC and PSTG amid macroeconomic headwinds.
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NetApp (NTAP) reported earnings 30 days ago. What's next for the stock?