February 22, 2023 – NetApp(NASDAQ:NTAP) today reported financial results for the third quarter of fiscal year 2023, which ended on January 27, 2023.
Reports Q3 EPS $1.37 Beats $1.31 Estimate, Sales $1.53B Miss $1.61B Estimate.
$308 million returned to shareholders in share repurchases and cash dividends in the third quarter.
Third quarter of fiscal year 2023 financial results
Net revenues: $1.53 billion, compared to $1.61 billion in the third quarter of fiscal year 2022; a year-over-year decrease of 5%,
Hybrid Cloud segment revenue: $1.38 billion, compared to $1.50 billion in the third quarter of fiscal year 2022.
Public Cloud segment revenue: $150 million, compared to $110 million in the third quarter of fiscal year 2022.
NetApp Public Cloud annualized revenue run rate (ARR) $605 million, compared to $469 million in the third quarter of fiscal year 2022; a year-over-year increase of 29%.
Net income: GAAP net income of $65 million, compared to $252 million in the third quarter of fiscal year 2022; non-GAAP net income of $301 million, compared to $330 million in the third quarter of fiscal year 2022.
Fourth quarter of fiscal year 2023 financial outlook
Net revenues are expected to be in the range of: $1.475 billion to $1.625 billion。
Earnings per share is expected to be in the range of:
GAAP $0.92 – $1.02
Non-GAAP $1.30 – $1.40
Full fiscal year 2023 financial outlook
NETAPP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
About NetApp
NetApp is a global, cloud-led, data-centric software company that empowers organizations to lead with data in the age of accelerated digital transformation. The company provides systems, software, and cloud services that enable them to run their applications optimally from data center to cloud, whether they are developing in the cloud, moving to the cloud, or creating their own cloudlike experiences on premises. With solutions that perform across diverse environments, NetApp helps organizations build their own data fabric and securely deliver the right data, services, and applications to the right people—anytime, anywhere. Learn more at www.netapp.com or follow us on Twitter, LinkedIn, Facebook, and Instagram.