NetApp Gains On Robust Results, Higher Dividend, New Buyback

© Reuters.

By Dhirendra Tripathi

Investing – NetApp (NASDAQ:) shares rose close to 3% after reporting sold earnings for its fourth quarter ended, boosting its divided and increasing its share repurchase plan.

Net revenue of $1.56 billion was 11% higher than a year ago on the back of the company grabbing a higher market share in key storage markets and its public cloud service reaching scale.

For the ongoing fiscal year, net revenue is expected to rise 6% to 7%, according to the company’s estimates.

GAAP net income in the fourth quarter rose 70%, to $334 million, compared to $196 million in the same period a year ago.

Net revenue for the first quarter is expected to be in the range of $1.37 billion to $1.47 billion.

The company will increase the first quarter dividend, 4% to 50 cents a share.

NetApp has announced another share buyback of $500 million this year.

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