Press release
NetApp reports third quarter of fiscal year 2023 results
Net revenues of $1.53 billion and billings1 of $1.57 billion $308 million returned to shareholders in share repurchases and cash dividends in the third
About this update from Netapp, Inc.
[{"type":"text","content":"\nNet revenues of $1.53 billion and billings1 of $1.57 billion\n\n\n$308 million returned to shareholders in share repurchases and cash dividends in the third quarter\n\n\nIntroduced significant innovation, including BlueXP™, a unified control plane for hybrid multicloud environments, and the latest version of NetApp ONTAP™ with enhanced protection capabilities to automatically detect and prevent ransomware attacks\n\n\nAnnounced the availability of new tools for companies to monitor, manage, and optimize their carbon footprints across their hybrid, multi-cloud environments\n\n\nPublished third annual ESG report with goals to achieve 50% intensity reduction of Scope 3 greenhouse gas (GHG) emissions and a 42% reduction of Scope 1 and 2 GHG emissions by 2030\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nNetApp (NASDAQ: NTAP) today reported financial results for the third quarter of fiscal year 2023, which ended on January 27, 2023.\n\n“In Q3, we executed well on the elements under our control in the face of a weakening IT spending environment and continued cloud cost optimization,” said George Kurian, chief executive officer. “We are confident that we remain well positioned to take advantage of the secular growth trends of data-driven digital and cloud transformations. Building on that solid foundation, we are sharpening our execution to accelerate near-term results while strengthening our position when the spending environment rebounds.”\n\nThird quarter of fiscal year 2023 financial results\n\n\nNet revenues: $1.53 billion, compared to $1.61 billion in the third quarter of fiscal year 2022; a year-over-year decrease of 5%, or 2% in constant currency2.\n\n\nHybrid Cloud segment revenue: $1.38 billion, compared to $1.50 billion in the third quarter of fiscal year 2022.\n\n\nPublic Cloud segment revenue: $150 million, compared to $110 million in the third quarter of fiscal year 2022.\n\n\n\n\nBillings: $1.57 billion, compared to $1.76 billion in the third quarter of fiscal year 2022; a year-over-year decrease of 11%, or 7% in constant currency.\n\n\nNetApp Public Cloud annualized revenue run rate (ARR)3 $605 million, compared to $469 million in the third quarter of fiscal year 2022; a year-over-year increase of 29%.\n\n\nAll-flash array ARR4 $2.8 billion, compared to $3.2 billion in the third quarter of fiscal year 2022; a year-over-y...