Netapp Inc Stock Price, News & Analysis

NetApp reported a strong performance in Q1 of fiscal year 2023, achieving record billings, revenue, and earnings. Net revenues rose 9% year-over-year to $1.59 billion, with product revenue growing 8% to $786 million. Billings increased 13% to $1.56 billion. The Public Cloud annualized revenue run rate surged 73% to $584 million. Net income reached $214 million, up from $202 million, with GAAP EPS at $0.96 vs $0.88 in Q1 FY 2022. The company returned $460 million to shareholders. Guidance for Q2 indicates net revenues between $1.595 billion and $1.745 billion.

NetApp (NASDAQ: NTAP) will announce its Q1 FY 2023 financial results on August 24, 2022, after market close. The results will cover the quarter ending July 29, 2022. NetApp's executive team will discuss the findings during a conference call at 2:00 PM PT, offering insights into current market dynamics. Investors can access the live Webcast on their investor relations site, with a replay available post-call. Future financial results are scheduled for November 29, 2022, February 22, 2023, and May 31, 2023.

NetApp (NASDAQ: NTAP) has launched Spot Security, a new solution aimed at enhancing cloud security for organizations. This agentless technology facilitates continuous assessment of cloud resources, enabling DevOps and SecOps teams to identify vulnerabilities, misconfigurations, and compliance issues efficiently. Spot Security features include 360° visibility, prioritized analytics, and automated remediation, allowing teams to mitigate risks effectively. This innovation further strengthens NetApp's offerings within its CloudOps suite.

NetApp (NASDAQ: NTAP) announces a multi-year partnership with the TAG Heuer Porsche Formula E Team, aimed at enhancing race performance through innovative hybrid cloud solutions. This collaboration integrates real-time data services to support on-track decision-making and optimize race strategies. Porsche targets 80% electric vehicle sales by 2030, leveraging NetApp's technology to advance their electric vehicle development. Key cloud solutions include Cloud Volumes ONTAP and Global File Cache, ensuring data availability and processing across racing locations.

NetApp (NASDAQ: NTAP) has announced new enhancements to its hybrid multicloud offerings, emphasizing simplicity, security, and flexibility. Key innovations include a unified management system and improved ransomware protection. NetApp's new Storage-as-a-Service model through Keystone allows organizations to manage workloads seamlessly across clouds. The firm also aims to enhance cyber resilience, with features to protect against unauthorized access. Collaboration with VMware aims to facilitate cloud transition for enterprises, enhancing operational responsiveness and data security.

NetApp (NASDAQ: NTAP) will participate in a fireside chat at the William Blair Growth Stock Conference on June 7, 2022. CFO Mike Berry will present from 8:40 – 9:10 a.m. Central Time. A live audio webcast of the presentation can be accessed post-conference at investors.netapp.com.

NetApp specializes in delivering enterprise-grade data services, focusing on maximizing data utilization across cloud and data center environments.

NetApp (NASDAQ: NTAP) reported a strong performance for Q4 and FY2022, with net revenues of $1.68 billion in Q4, up 8% year-over-year, and $6.32 billion for the fiscal year, reflecting a 10% increase. Q4 billings soared 16% to $2.02 billion, while the Public Cloud annualized revenue run rate jumped 68% to $505 million. Despite a GAAP net income decline in Q4 to $259 million, non-GAAP net income rose to $324 million. The company returned $1.05 billion to shareholders in FY2022. Looking ahead, Q1 FY2023 revenue is projected between $1.475 and $1.625 billion.

NetApp has completed its acquisition of Instaclustr, a provider of fully managed open-source database applications. This move enhances NetApp's Cloud Operations (CloudOps) offerings, aligning with its strategic acquisitions aimed at optimizing cloud-native applications. The integration of Instaclustr's services aims to improve cloud application development and operational efficiency, leveraging NetApp's superior data storage and CloudOps capabilities. This acquisition underscores NetApp's commitment to expanding its portfolio and providing comprehensive cloud solutions for customers.