Data storage company NetApp (NASDAQ:NTAP) will be reporting results this Wednesday afternoon. Here’s what to expect.
NetApp beat analysts’ revenue expectations last quarter, reporting revenues of $1.95 billion, up 12.5% year on year. It was a stunning quarter for the company, with an impressive beat of analysts’ billings estimates and a solid beat of analysts’ EPS guidance for next quarter estimates.
Is NetApp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting NetApp’s revenue to grow 17.9% year on year, improving from the 1.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. NetApp rarely misses Wall Street’s revenue estimates.
Looking at NetApp’s peers in the hardware & infrastructure segment, some have already reported their Q2 results, giving us a hint as to what we can expect. HP delivered year-on-year revenue growth of 12.5%, beating analysts’ expectations by 7.5%, and Everpure reported revenues up 37.7%, topping estimates by 7.7%. HP traded down 2.8% following the results while Everpure was also down 8.7%.
Read our full analysis of HP’s results here and Everpure’s results here.
Investors in the hardware & infrastructure segment have had steady hands going into earnings, with share prices up 1.5% on average over the last month. NetApp is up 1.4% during the same time and is heading into earnings with an average analyst price target of $189.19 (compared to the current share price of $185.39).
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