NetApp (NTAP) Shares Jump on Q1 Revenue Beat and Upbeat Guidance

NetApp (NASDAQ:NTAP) shares rose 13.8% to $162.02 on May 29, 2026, after the data-storage company reported first-quarter fiscal 2027 revenue of $1.95 billion, beating Wall Street estimates. Sales grew 12.5% year-over-year, and non-GAAP earnings per share of $2.43 topped consensus by 7.2%. CEO George Kurian attributed the results to strong enterprise demand for AI-enabled data infrastructure and continued momentum in public cloud and all-flash storage. Large customer wins and adoption of the Keystone storage-as-a-service offering helped expand operating margins. NetApp issued a second-quarter revenue outlook of $1.83 billion at the midpoint, surpassing analyst forecasts by 8.5%. Management expects fiscal 2027 revenue to accelerate, driven by broad-based demand and differentiated data management. CFO Wissam Jabre noted ongoing investments in AI and cloud innovation, while remaining cautious about supply chain and component cost risks.