NetApp Inc. beat financial expectations in the first quarter after its CEO stepped down, and the stock shot higher in late trading Wednesday. The data-storage company reported a loss of $30 million, or 10 cents a share, on revenue of $1.34 billion. After adjustments for stock-based compensation and other factors, NetApp claimed a profit of 29 cents a share. Analysts polled by FactSet expected NetApp to report adjusted profit of 23 cents a share on sales of $1.32 billion. NetApp announced the departure of CEO Tom Georgens on June 1, as the company struggled to find customers for its data-storage products amid a shift to cloud storage and a host of next-generation storage competitors. After beating expectations with Wednesday’s earnings report, NetApp stock skyrocketed 13% early in the extended session, topping $33.50 after closing with a 1.7% decline at $29.78.
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