NetApp results beat estimates on higher storage equipment sales

Wed Aug 13, 2014 4:13pm EDT

Aug 13 (Reuters) - NetApp Inc reported better-than-expected quarterly results, helped by higher branded storage equipment sales and increased revenue from hardware maintenance contracts.

The company's net income rose to $88 million, or 27 cents per share, in the first quarter ended July 25, from $82 million, or 23 cents per share, a year earlier.

Excluding items, the company earned 60 cents per share beating the average analyst estimate of 57 cents per share.

Revenue fell 1.3 percent to $1.49 billion, but topped the average Wall Street estimate of $1.47 billion. (Reporting by Soham Chatterjee in Bangalore; Editing by Saumyadeb Chakrabarty)