On Thursday, shares of NetApp, Inc. (NASDAQ:$NTAP) surged. In fact, the Sunnyvale, California-based company ended the trading day up 15.91%.

This most likely has to do with the fact that NetApp, Inc. posted fiscal Q2 earnings Wednesday, which surpassed the Street’s forecasts across the board.

So What Happened?

For the second quarter, NetApp, Inc.’s sales increased 6% year over year to eventually land at $1.42 billion. Adjusted earnings increased a whopping 35% to $0.81 per share. As a point of reference, the average analyst would have forecasted earnings of $0.69 per share on revenue close to $1.38 billion.

It’s clear that Thursday’s increase was caused by strong sales. Sales of high-growth product lines, which NetApp, Inc. calls “strategic solutions”, saw a 23% year-over-year sales increase. Looking forward, NetApp, Inc. forecasts that adjusted Q3 earnings of almost $0.90 per share on revenue around $1.50 billion.

Seeing as this target is well ahead of Wall Street’s projections, it’s no surprise the stock is surging.

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Author Caroline Harris

About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.