NetApp Inc. shares rose 5.95% to $77.15 in after-hours trading after the company forecast growth in the current quarter and fiscal year.
The software, systems and services provider guided for second-quarter revenue between $1.60 billion to $1.75 billion and adjusted earnings per-share between $1.28 to $1.38. For fiscal 2023, the company guided for revenue growth between 6% to 8% and adjusted earnings per-share between $5.40 to $5.60.
"We delivered a great start to the year, fueled by broad-based demand across our portfolio and geographies," Chief Executive George Kurian said.
The guidance comes after the company posted higher earnings and sales in the first quarter. NetApp posted net income of $214 million, or 96 cents a share, for the quarter ended July 29, compared to net income of $202 million, or 88 cents a share, a year earlier. Adjusted earnings were $1.20 a share, above analysts' estimates of $1.10.
Revenue rose to $1.59 billion from $1.46 billion. Analysts polled by FactSet expected $1.55 billion.