NetApp lifts annual profit forecast on resilient demand for cloud services

NetApp raised its annual profit forecast on Thursday, as businesses spend more on cloud-based data management services for digital transformation, sending its shares up 13.6% in extended trading.

Enterprises investing in high performance storage to employ artificial intelligence for improving business productivity has benefited NetApp, which helps companies increase efficiency of their data storage infrastructure.

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