Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – Revenues and profits have hit “record levels” at , the high-tech storage firm reported Wednesday.

Revenues surged $137 million to $1.17 billion in the first quarter of this year compared to a year ago for NetApp (Nasdaq: NTAP), which operates a major operation in RTP.

The surge lifted NetApp to a profit of some $183 million, or 50 cents per share, minus one-time expenses.

The Street expects a profit of 44 cents per share, up from 31 cents for the same quarter in 2009, according to Thomson Reuters.

NetApp shares closed down 66 cents, or 2 percent, at $32.43 on Wednesday. However, after the earnings news, shares jumped 3.7 percent, or $1.19, to $33.62.

Wall Street analyst firm JPMorgan for NetApp on Tuesday, expecting a strong quarterly report and continued growth.

For the fiscal year ending April 30, the California-based firm reported revenues of $3.93 billion, up 15 percent from the previous fiscal year.

Profits minus one-time expenses and charges climbed to $533 million, or $1.51 per share, up from $364 million or $1.09 the previous year.

"With 50% growth in product revenue this quarter, NetApp significantly outperformed the competition,” said NetApp’s Chief Executive Officer Tom Georgens.

“With accelerating revenue growth every quarter, we culminated our fiscal year with record levels of revenue, earnings per share, and free cash flow," he added.

"The server virtualization and cloud computing trends are driving significant business for us, as our competitive advantages in those areas lead more customers to choose NetApp storage efficiency solutions for larger and larger data center projects."

However, NetApp did project flat revenue growth for the current quarter at between $1.10 billion and $1.14 billion.

Profits will be in the 43-cent to 47-cent per share range before adjusted for one-time and other charges.

For full earnings details,

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