Aug 23 (Reuters) - NetApp (NTAP.O) reported first-quarter revenue above Wall Street estimates on Wednesday, driven by strong demand for cloud based services from businesses.
Enterprise spending on cloud held strong as businesses moved to upgrade their technology infrastructure that is core to their operations and also incorporate newer AI capabilities.
NetApp also reiterated its profit and revenue outlook for fiscal 2024.
NetApp's total revenue for the quarter ended July 28 was $1.43 billion, compared to analysts' estimate of $1.41 billion, according to Refinitiv data.
The company earned an adjusted profit of $1.15 per share, which beat expectations of $1.07 per share.
Persons:
NetApp, Yamini, Shailesh
Organizations:
Enterprise, Thomson
Locations:
Sunnyvale , California, Bengaluru