On May 29, NetApp rose 15.87% in pre-market trading, trading at $165.41/share, with trading volume of $193,200.

On the news front, NetApp reported fiscal fourth-quarter adjusted earnings per share of $2.43, beating the analyst consensus estimate of $2.27 by 7.05%, representing a 25.91% year-over-year increase. Revenue came in at $1.948 billion, surpassing the expected $1.872 billion. The company simultaneously raised its full-year guidance, projecting non-GAAP EPS of $8.70 to $9.00 versus market expectations of $8.55, and full-year revenue guidance of $7.325 billion to $7.575 billion, also above the $7.2 billion consensus.

The strong results were driven by higher product pricing and AI-related deal wins. Wedbush Securities had previously noted that NetApp would likely outperform given rising AI storage demand and pricing tailwinds. As a downstream value-packaging layer for enterprise-grade NAND and all-flash systems, NetApp is positioned to convert AI data infrastructure demand into sustained revenue growth across all-flash arrays and public cloud storage services. The combination of a significant earnings beat and upwardly revised forward guidance propelled the pre-market surge.

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