NetApp (NTAP) Beats Q1 Earnings and Revenue Estimates

Financial Performance - NetApp reported quarterly earnings of $1.56 per share, exceeding the Zacks Consensus Estimate of $1.46 per share, and up from $1.15 per share a year ago, representing an earnings surprise of 6.85% [1] - The company posted revenues of $1.54 billion for the quarter ended July 2024, surpassing the Zacks Consensus Estimate by 0.46% and increasing from $1.43 billion year-over-year [1] Market Performance - NetApp shares have increased approximately 51% since the beginning of the year, significantly outperforming the S&P 500's gain of 17.9% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.70 on revenues of $1.62 billion, and for the current fiscal year, it is $6.86 on revenues of $6.55 billion [4] - The estimate revisions trend for NetApp is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The Computer-Storage Devices industry is ranked in the top 41% of over 250 Zacks industries, suggesting that stocks in the top 50% tend to outperform those in the bottom 50% by more than 2 to 1 [5]