Netapp Inc Stock Price, News & Analysis

NetApp (NASDAQ: NTAP) has appointed Haiyan Song as the new Executive Vice President and General Manager of its Cloud Operations business unit. With extensive experience from F5, Splunk, and HPE, Song aims to enhance NetApp's hybrid multi-cloud leadership. Reporting directly to CEO George Kurian, she will collaborate closely with customers and partners to streamline cloud solutions. Her vision includes transforming complex multi-cloud environments into manageable systems for organizations. The industry anticipates that Song’s leadership will enhance NetApp’s growth trajectory and innovation in cloud services.

NetApp has unveiled its 2023 Cloud Complexity Report, revealing that 98% of technology leaders are affected by the increasing complexity of cloud environments. This complexity may hinder IT performance, resulting in revenue loss and obstructing business growth. Key insights highlight that 84% of executives expect immediate ROI from their cloud strategies, while 37% foresee AI-driven applications supporting their cloud deployments. The survey, conducted among 1,300 tech executives across nine markets, underscores the urgent need for simplified cloud management solutions amidst escalating cybersecurity challenges.

CGI (NYSE: GIB) has announced a global alliance with NetApp (NASDAQ: NTAP) to enable organizations to optimize hybrid and multi-cloud environments. This partnership aims to enhance operational efficiency, data management, and flexibility for clients. CGI will leverage its extensive cloud services, backed by over 7,000 professionals, to provide a Hybrid Cloud Managed Service in collaboration with NetApp's solutions. CGI's Fiscal 2022 revenue reported at $12.87 billion positions the company to support clients in digital transformation effectively. The alliance signifies a strategic shift in CGI's service offerings, enhancing its capabilities in cloud transformation.

NetApp (NASDAQ: NTAP), a leader in cloud-led, data-centric software, will participate in a fireside chat at the Morgan Stanley TMT Conference on March 7, 2023, from 9:10 a.m. to 9:40 a.m. Pacific Time. Mike Berry, EVP, finance and CFO, will represent the company. The event will be available via a live audio Webcast on investors.netapp.com, with an archive accessible post-conference. NetApp focuses on enabling organizations to leverage data effectively, providing systems, software, and cloud services that optimize application performance across environments.

NetApp reported Q3 fiscal 2023 revenues of $1.53 billion, down 5% year-over-year, with billings at $1.57 billion, an 11% decrease. The Hybrid Cloud segment revenue was $1.38 billion, and Public Cloud revenue rose 36% to $150 million. GAAP net income fell to $65 million from $252 million a year ago, resulting in GAAP EPS of $0.30. The company returned $308 million to shareholders. Future guidance estimates Q4 revenues between $1.475 billion and $1.625 billion and full-year revenues to be flat. Notable innovations included the launch of BlueXP and enhanced ONTAP capabilities.

NetApp (NASDAQ: NTAP) announces the launch of its new AFF C-Series and AFF A150 storage solutions, aimed at enhancing its portfolio for mid-market and entry-level customers. The AFF C-Series offers cost-effective, all-flash storage solutions with improved performance and lower total cost of ownership (TCO), featuring a comprehensive software suite called ONTAP One. The AFF A150 targets mid-sized businesses, providing scalable and high-performing storage. NetApp also introduces NetApp Advance, a new program ensuring best-in-class customer ownership experience, supporting customers' transitions to hybrid and cloud environments while guaranteeing storage efficiency.

NetApp (NASDAQ: NTAP) has launched NetApp Advance, a new portfolio designed to enhance storage management and reduce capital expenditures. This initiative aims to modernize the storage lifecycle by offering ongoing, non-disruptive hardware upgrades, thereby simplifying storage ownership. Key benefits include cost savings by eliminating complex upgrade cycles, improved efficiency, and sustainability measures to minimize carbon footprints. The program also introduces the NetApp Storage Lifecycle Program, which features non-disruptive upgrades and support services. These enhancements position NetApp as a flexible, cost-effective storage provider in a hybrid cloud environment.