Press release
NetApp Reports First Quarter of Fiscal Year 2024 Results
Net revenues of $1.43 billion for the first quarter Introduced significant innovations, including NetApp™ ASA A-Series, a new line of all-flash SAN storage
About this update from Netapp, Inc.
[{"type":"text","content":"\nNet revenues of $1.43 billion for the first quarter\n\n\n\nIntroduced significant innovations, including NetApp™ ASA A-Series, a new line of all-flash SAN storage systems\n\n\n\nAnnounced the Ransomware Recovery Guarantee, using NetApp’s comprehensive suite of integrated technologies to help customers protect against, detect, and recover from ransomware attacks\n\n\n\nAFF C-series fastest ramping all-flash systems launch in Company history; strong demand across all products in the family\n\n\n\nCash from operations of $453 million increased 61% year over year; free cash flow1 of $418 million grew 94% year over year\n\n\n\n$506 million returned to stockholders in share repurchases and cash dividends in the first quarter; representing 112% of cash from operations and 121% of free cash flow\n\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nNetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2024, which ended on July 28, 2023.\n\n\n“We delivered a solid start to fiscal year 2024 in what continues to be a challenging macroeconomic environment. We are managing the elements within our control, driving better performance in our storage business, and building a more focused approach to cloud,” said George Kurian, chief executive officer. “In Q1, we introduced substantial innovation that helps our customers build stronger, smarter and more efficient hybrid multicloud infrastructures. I am delighted by the positive reception to our new products, as well as the differentiation and continued growth of our hyperscaler-managed storage services native to the leading public clouds.”\n\n\nFirst quarter of fiscal year 2024 financial results\n\n\n\nNet revenues: $1.43 billion, compared to $1.59 billion in the first quarter of fiscal year 2023; a year-over-year decrease of 10%.\n\n\nHybrid Cloud segment revenue: $1.28 billion, compared to $1.46 billion in the first quarter of fiscal year 2023.\n\n\n\nPublic Cloud segment revenue: $154 million, compared to $132 million in the first quarter of fiscal year 2023.\n\n\n\n\n\n\nBillings1: $1.30 billion, compared to $1.56 billion in the first quarter of fiscal year 2023; a year-over-year decrease of 17%.\n\n\n\nNetApp Public Cloud annualized revenue run rate (ARR)2: $619 million, compared to $584 million in the first quarter of fiscal year 2023; a year-over-year increas...