NetApp Shares Jump 18% Following Strong Q3 Results

NetApp (NASDAQ:NTAP) shares soared 18% in pre-market today following the announcement of its Q3 results, which surpassed expectations in terms of earnings, revenue, and operating margin expansion.

The company recorded earnings per share of $1.94, outperforming the forecasted $1.69 by analysts. Quarterly revenue reached $1.61 billion, exceeding the anticipated $1.59 billion.

Additionally, NetApp achieved historical highs with a gross margin of 73% and an operating margin of 30%.

For the upcoming Q4/24, NetApp projects EPS to fall between $1.73 and $1.83, compared to the analysts' expectation of $1.73. The company estimates Q4 revenue to range from $1.59 billion to $1.74 billion, against a consensus of $1.64 billion.

For the full fiscal year, NetApp revised its adjusted EPS forecast upwards to $6.40-$6.50 from the previously estimated range of $6.05-$6.25.