NetApp Inc. (NTAP) reported its fiscal 2027 first-quarter results after Wednesday's closing bell, and on paper, they look pretty good. But the stock market had other ideas.
The company posted quarterly earnings of $2.58 per share, beating the consensus estimate of $2.12 by a solid 21.7%, according to market data. Revenue came in at $2.03 billion, up from $1.56 billion in the same period last year and ahead of the Street's $1.84 billion forecast.
CEO George Kurian was clearly pleased with the numbers. "NetApp delivered a record-setting start to the year, exceeding guidance on every metric and achieving our strongest first quarter ever," he said in the release. He credited both existing customer trust and new wins, noting that "organizations choose the NetApp Platform to power their AI and hybrid multi-cloud initiatives."
Looking ahead, NetApp raised its fiscal 2027 adjusted EPS guidance to between $9.73 and $10.03, versus the $9.01 analyst estimate. It also lifted its revenue outlook to between $7.98 billion and $8.23 billion, compared to the $7.54 billion consensus.
