NetApp posts solid quarterly results, raises dividend
The company said it may spend another $500 million on stock buybacks
Stocks impacted: NetApp (NTAP)
NetApp reported $334 million in net income for its fiscal fourth quarter that ended April 30, up from $196 million for the comparable period last year. Revenue rose to $1.56 billion from $1.4 billion. For the full fiscal year, the company's revenue came to $5.74 billion, with non-GAAP earnings of $4.06 per share. For the current quarter, the data storage provider expects non-GAAP earnings per share between 89 cents and 97 cents and revenue in the range of $1.37 billion and $1.47 billion. The firm also raised its quarterly dividend by 4% to 50 cents and boosted its existing buyback program by an additional $500 million. NetApp stocks finished nearly 0.5% higher on Wednesday.
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