RTTNews | Aug 27, 2020 09:53AM EDT

09:53 Thursday, August 27, 2020 (RTTNews.com) - Shares of NetApp Inc. (NTAP) are rising more than 6 percent or $2.69 in Thursday's morning trade at $44.90, after the cloud storage software company's quarterly results beat estimates.

Wednesday, NetApp reported first-quarter net income of $77 million or $0.35 per share, down from $103 million or $0.42 per share last year. However, adjusted earnings of $0.73 per share topped the consensus estimate of analysts' polled by Thomson Reuters of $0.41 per share.

Revenue for the quarter rose to $1.30 billion from $1.24 billion last year. The Street had a consensus estimate of $1.15 billion.

For the second quarter, NetApp expects adjusted earnings of $0.66 to $0.74 per share and revenues of $1.225 billion to $1.375 billion. Analysts currently estimate earnings of $0.77 per share and revenues of $1.24 billion.

NetApp has traded in a range of $34.66 to $65.38 in the past 52 weeks.

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