NetApp Lifts FY22 Outlook

(RTTNews) - NetApp (NTAP) on Tuesday lifted its financial outlook for the full year 2022, driven by "strong demand environment."

Looking forward the full year 2022, the company now expects adjusted earnings of $4.90 to $5.10 per share and revenue growth of 9% to 10%.

Previously, the company expected adjusted earnings of $4.85 to $5.05 per share and revenue growth of $8% to 9%.

On average, analysts polled by Thomson Reuters currently estimate earnings of $5.01 per share and revenues of $6.26 billion.

"We delivered another strong quarter, with results all at the high end or above our guidance. Our performance reflects a strong demand environment, a clear vision, and exceptional execution by the NetApp team and gives the confidence to raise our full year guidance for revenue, EPS and Public Cloud ARR," said George Kurian, chief executive officer. "We are gaining share in the key markets of all-flash and object storage, while rapidly scaling our public cloud business. Our industry-leading innovation and unique and deep cloud partnerships position us well to capitalize on significant opportunity ahead."

Further, the company said its next cash dividend of $0.50 per share is to be paid on January 26, 2022, to shareholders of record as of the close of business on January 7, 2022.