© Reuters. NetApp stock jumped 6% in the most recent quarter
Shares of NetApp (NASDAQ: ) rose more than 6% in after-hours as the company reported, with EPS showing $1.54 better than the consensus estimate of $1.34.
Revenue fell 6% year over year (down 4% in constant currency) to $1.58 billion, beating expectations of $1.55 billion. Billings decreased 17% year-over-year (down 15% in constant currency) to $1.67 billion.
“Our intense focus and disciplined execution delivered strong fourth quarter results in a dynamic environment. Digital transformation projects involving business analytics, artificial intelligence, data security and application modernization, both on premises and in the cloud, remain top priorities for IT,” said CEO George Kurian.
For the first quarter of ’24, the company expects EPS to be in the $1.00-$1.10 range, compared to consensus of $1.19, and revenue in the range of $1.33-$1.48 billion, compared to consensus of $1.47 billion.
For the full year, EPS is seen at $5.65-$5.85, compared to the consensus estimate of $5.57. Year-over-year net revenue is expected to decline in the low to mid single digits on a percentage basis.