Aug 28 (Reuters) - NetApp ( NTAP ) raised its annual

revenue and profit forecasts on Wednesday, anticipating steady

demand for its cloud-based data management services, and said

Chief Financial Officer Mike Berry will retire next year.

Businesses have increased spending on cloud-based solutions

as they look to transform their core technology infrastructure.

Investments in high-capacity storage solutions such as those

provided by NetApp ( NTAP ) have also surged to meet increasing workload

demands essential for enhancing productivity and to employ

artificial intelligence.

In March, the company launched its AI-optimized tool, NetApp

AIPod, which provides infrastructure for organizations'

highest-priority AI projects, including training and

inferencing.

NetApp ( NTAP ) helps businesses improve efficiency of their data

storage infrastructure and counts companies like Amazon.com's ( AMZN )

Amazon Web Services, Google Cloud and Microsoft's ( MSFT )

Azure as clients.

NetApp ( NTAP ) now sees fiscal 2025 revenue between $6.48 billion

and $6.68 billion, compared with its prior projection of $6.45

billion and $6.65 billion. Analysts on average were expecting

$6.56 billion, according to LSEG data.

The company expects an annual adjusted profit per share

between $7 and $7.20, above estimates of $6.89.

For the second quarter, the company expects to report net

revenues between $1.57 billion and $1.72 billion, above

estimates of $1.63 billion.

Net revenue for the first quarter ended July 26 came in at

$1.54 billion, compared with analysts' estimate of $1.53

billion.

The hybrid cloud segment, which accounts for almost all of

NetApp's ( NTAP ) revenue, recorded sales of $1.38 billion, up 7.8% from

a year ago.

On an adjusted basis, its profit rose to $1.56 per share

from $1.15.

The company said CFO Berry, who will retire on May 23, will

remain in his role until a successor is named.