For the quarter ended July 2024, NetApp (NTAP Quick QuoteNTAP - Free Report) reported revenue of $1.54 billion, up 7.6% over the same period last year. EPS came in at $1.56, compared to $1.15 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.53 billion, representing a surprise of +0.46%. The company delivered an EPS surprise of +6.85%, with the consensus EPS estimate being $1.46.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how NetApp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Gross margin - Product - Non GAAP

  : 59.9% versus the seven-analyst average estimate of 60.2%.

• Total Revenue- Reported

  : 8% versus the seven-analyst average estimate of 7.1%.

• Services gross margin - Non-GAAP

  : 81.7% compared to the 81.2% average estimate based on six analysts.

• Geographic Mix- EMEA

  : 33% versus the three-analyst average estimate of 33.7%.

• Americas - Reported

  : 50% versus the three-analyst average estimate of 51%.

• Geographic Mix- Asia-Pacific

  : 17% versus 15.3% estimated by three analysts on average.

• Net Service revenue

  : $872 million compared to the $861.79 million average estimate based on seven analysts. The reported number represents a change of +3.6% year over year.

• Revenue- Product

  : $669 million versus $672.39 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +13.4% change.

• Net Revenue- Public Cloud

  : $159 million versus the five-analyst average estimate of $157.06 million. The reported number represents a year-over-year change of +3.3%.

• Net Revenue- Hybrid Cloud

  : $1.38 billion versus the four-analyst average estimate of $1.38 billion. The reported number represents a year-over-year change of +8.1%.

• Revenue- Support

  : $631 million compared to the $623.31 million average estimate based on four analysts. The reported number represents a change of +3.3% year over year.

• Revenue- Professional and Other Services

  : $82 million versus $81.54 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +6.5% change.

View all Key Company Metrics for NetApp here>>>

Shares of NetApp have returned +8.6% over the past month versus the Zacks S&P 500 composite's +3.2% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.