NetApp, a data storage company, reported stronger-than-expected earnings and raised its fiscal year guidance on Wednesday, but its stock dropped in after-hours trading.

Revenue grew 30% from the prior year to $2.03 billion, topping Wall Street's estimates of $1.84 billion, according to FactSet. The company posted adjusted earnings of $2.58 per share for its fiscal first quarter ended July 31, beating analyst forecasts for $2.12 a share.

NetApp stock declined 7% to $167.54 in after-hours trading Wednesday. Shares dropped 1.3% to $180.77 during regular trading hours.

The earnings also surpassed NetApp's projections for this quarter. The company expected revenue for the first fiscal quarter to range from $1.75 billion to $1.9 billion, with projected adjusted earnings of $2.05 to $2.15.

NetApp now projects revenue for the fiscal year ending April 30, 2027, to range from $7.98 billion to $8.23 billion with projected adjusted earnings of $9.73 a share to $10.03 a share. That's an increase from previous company profit forecasts of $8.70 a share to $9 a share, with revenue of $7.33 billion to $7.57 billion.

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