UPDATE: NetApp Posts Better-Than-Expected FQ1 Earnings, Issues Upbeat FQ2 Forecast

NetApp

reported better-than-expected fiscal first-quarter earnings and issued an upbeat view forthe fiscal second quarter. NetApp's quarterly profit fell to $64 million, or $0.17 per share, from $140 million, or $0.34 per share, in the year-ago period. Its revenue declined to $1.45 billion, from $1.46 billion. Excluding one-time items, NetApp earned $0.42 per share. However, analysts were expecting earnings of $0.38 per share on revenue of $1.46 billion. NetApp expects fiscal second-quarter earnings, excluding one-time items, of $0.45 to $0.50 per share, on revenue of$1.5 billion to $1.6 billion. However, analysts were expecting earnings of $0.46 per share on revenue of $1.54 billion. NetApp shares gained 5.49% to $33.49 in after-hours trading.