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Network App. beats Street
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November 14, 2000: 5:05 p.m. ET
Storage hardware company's second-quarter revenue rises 109%
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NEW YORK (CNNfn) - The data-storage hardware company Network Appliance on Tuesday reported second-quarter earnings that exceeded analyst estimates, as demand for its storage networking products surged.
After the close Tuesday, Network Appliance (NTAP: Research, Estimates) reported that its pro forma net income for the quarter increased 128 percent to $36.6 million, or 10 cents per share, compared to pro forma net income of $16.1 million, or 5 cents per share, for the same period a year ago. The mean analyst forecast was 9 cents per share, according to earnings-estimate tracker First Call.
Revenue rose 109 percent to $260.8 million for the second fiscal quarter ended Oct. 27, from $124.7 million for the same period a year ago. CS First Boston analyst Amit Chopra had forecast that the company's revenue would be $248.6 million.
Gross margin rose to 61.9 percent of sales from 58.7 percent in the same period a year ago.
Network Appliance surged $11.75 to $96.25 in regular trading. However, it fell $7.75 to $88.50 in after-hours trading, as its earnings apparently failed to exceed the consensus estimate by as much as some investors had expected. 
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