Earnings To Watch: NetApp (NTAP) Reports Q1 Results Tomorrow

Data storage company NetApp (NASDAQ:NTAP) will be announcing earnings results this Thursday after the bell. Here’s what to look for.

NetApp beat analysts’ revenue expectations last quarter, reporting revenues of $1.71 billion, up 4.4% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ billings estimates and revenue guidance for next quarter exceeding analysts’ expectations.

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 8% year on year, improving from the 3.8% increase it recorded in the same quarter last year.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to 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 Q1 results, giving us a hint as to what we can expect. IonQ delivered year-on-year revenue growth of 755%, beating analysts’ expectations by 30%, and Diebold Nixdorf reported revenues up 5.6%, topping estimates by 3.5%. IonQ traded down 9.3% following the results while Diebold Nixdorf was also down 6.1%.

Read our full analysis of IonQ’s results here and Diebold Nixdorf’s results here.

There has been positive sentiment among investors in the hardware & infrastructure segment, with share prices up 6.6% on average over the last month. NetApp is up 28.1% during the same time and is heading into earnings with an average analyst price target of $117.60 (compared to the current share price of $138.89).

ONE MORE THING: 3 Hidden Platforms Growing 3X Faster than Amazon, Google, and PayPal. Amazon, Google, and Meta all followed the same playbook: Dominate an ignored market. Build an unbeatable moat. Scale until you’re unstoppable.

These three platforms are running that exact playbook right now. The early investors in Amazon made fortunes. The early investors in these could do the same. Get All 3 Stocks Here for FREE.