Never underestimate the power of a good quarter to move a company’s stock in the right direction. This dynamic was apparent with NetApp (NASDAQ:NTAP) on Thursday, as its shares were trading more than 4% higher in late-afternoon action following the publication of its first-quarter 2022 figures.
For the quarter, NetApp booked revenue of $1.46 billion, a 12% improvement year over year. Total billings saw a steeper rise (20%) across that stretch, to $1.38 billion. On an adjusted basis, net profit soared 61% to $263 million, or $1.15 per share.