Tags: NetApp | Shares | Profit | Buyback

NetApp Shares Jump on Strong Profit, Stock Buyback

Wednesday, 14 Nov 2012 05:04 PM

 

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Shares of NetApp Inc., the maker of data-storage products, rose in extended trading after it reported second-quarter profit that beat estimates and said it was expanding a share repurchase program by $1.5 billion.

The shares of Sunnyvale, California-based NetApp gained as much as 11 percent to $30 after the report. Earlier, the stock had gained 3 percent to close at $27.12 in New York. The stock is down 25 percent this year.

Earnings excluding some items for the fiscal second quarter, which ended Oct. 26, were 51 cents a share, the company said in a statement. That topped analysts’s average projection of 48 cents, according to data compiled by Bloomberg. NetApp forecast third quarter profit of 53 cents to 58 cents a share, compared with a 54 cent estimate.

NetApp also said it agreed to buy CacheIQ Inc., a closely held storage solutions company based in Austin, Texas. Terms weren’t disclosed.

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