NetApp (NTAP) shares gained more than 17% in premarket trading Friday after the 澳洲幸运5官方开奖结果体彩网:cloud storage provider breezed past Wall Street’s quarterly expectations and raised its full-year outlook amid growing demand for its cloud-based data management solutions as customers streamline their IT operations.

For the three months ending Jan. 26, the company's fiscal third quarter, 澳洲幸运5官方开奖结果体彩网:adjusted earnings came in at $1.94 per share, far outpacing analysts' modeling of $1.37 a share. Revenue in the period of $1.61 billion also came in ahead of estimates, which Wall Street had pegged at $1.59 billion. NetApp’s Hybrid Cloud segment saw a 6% jump in revenue from a year earlier, driven by momentum from the company’s recently introduced all-flash products, which contributed to 60% of the unit’s sales during the quarter.

“Our modern approach to unified data storage, spanning all-flash and cloud environments, is clearly resonating with customers. NetApp CEO George Kurian said in the earnings statement.

Looking ahead, the company lifted its full-year fiscal 2024 adjusted earnings guidance to between $6.40 and $6.50 per share, up from its prior forecast of $6.05 to $6.25 a share. It also raised its revenue outlook for the period to between $6.185 billion and $6.335 billion.NetApp reiterated its outlook for the fiscal fourth quarter, projecting adjusted earnings of between $1.73 and $1.83 per share and revenue of $1.585 billion to $1.735 billion.

“We expect to see continued strength in all-flash products and hyperscaler first party and marketplace services,” the company’s chief financial officer Mike Berry said in prepared remarks accompanying the quarterly results. 

NetApp also said it saw good momentum during the quarter in artificial 澳洲幸运5官方开奖结果体彩网:intelligence (AI), with “several large Nvidia (NVDA) SuperPOD and BasePOD deployments.” The company's cloud storage solutions allow customers to capture, aggregate and prepare their data for AI.

After making several legs higher, the NetApp share price has coiled within a pennant since early December—a chart pattern that typically indicates a 澳洲幸运5官方开奖结果体彩网:continuation of the prevailing trend. Upon an earnings-driven breakout above the pennant, look for a potential measured move up to around $110. This is calculated by measuri𒁏ng the range preceding the pennant in dollars and adding that amount to the pattern's ꦏbreakout point.

NetApp shares were up 17.3% at $104.50 about 90 minutes before Friday's opening bell.

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