Press release
NetApp Reports Second Quarter of Fiscal Year 2024 Results
Net revenues of $1.56 billion for the second quarter Introduced substantial innovation including the ASA C-Series, the extension of the Company’s Ransomware
About this update from Netapp, Inc.
[{"type":"text","content":"\nNet revenues of $1.56 billion for the second quarter\n\n\n\nIntroduced substantial innovation including the ASA C-Series, the extension of the Company’s Ransomware Recovery Guarantee, and performance and availability guarantees for NetApp Keystone storage as a service\n\n\n\nRecord Q2 GAAP consolidated gross margins of 71%; record non-GAAP consolidated gross margins1 of 72%\n\n\n\nQ2 GAAP operating margins of 20%; record non-GAAP operating margins1 of 27%\n\n\n\nQ2 GAAP net income per share2 of $1.10; record non-GAAP net income3 per share of $1.58\n\n\n\n$403 million returned to stockholders in share repurchases and cash dividends in the second quarter\n\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nNetApp (NASDAQ: NTAP), the intelligent data infrastructure company, today reported financial results for the second quarter of fiscal year 2024, which ended on October 27, 2023.\n\n\n“We delivered another strong quarter, with revenue above the midpoint of our guidance and all-time highs for gross margins, operating margins, and EPS,” said George Kurian, chief executive officer. “We are at the forefront of the evolution of the storage industry, helping our customers turn disruption into opportunity. Our modern approach to intelligent data infrastructure helps customers operate with seamless flexibility to deploy new applications, unify their data for AI, and simplify data protection in a world of limited IT resources, rapid data growth, and increased cybersecurity threats.”\n\n\nSecond quarter of fiscal year 2024 financial results\n\n\n\nNet revenues: $1.56 billion, compared to $1.66 billion in the second quarter of fiscal year 2023; a year-over-year decrease of 6%, or 8% in constant currency4.\n\n\nHybrid Cloud segment revenue: $1.41 billion, compared to $1.52 billion in the second quarter of fiscal year 2023.\n\n\n\nPublic Cloud segment revenue: $154 million, compared to $142 million in the second quarter of fiscal year 2023.\n\n\n\n\n\n\nBillings1: $1.45 billion, compared to $1.60 billion in the second quarter of fiscal year 2023; a year-over-year decrease of 9%, or 11% in constant currency.\n\n\n\nNetApp Public Cloud annualized revenue run rate (ARR)5: $609 million, compared to $603 million in the second quarter of fiscal year 2023; a year-over-year increase of 1%.\n\n\n\nAll-flash array ARR6: $3.2 billion, compared to $3.1 billion...