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Jul 29, 2022
NetApp Q1 2023 Earnings Report
NetApp achieved record Q1 billings, revenue, gross profit dollars, operating income, and EPS.
Key Takeaways
NetApp reported a strong start to fiscal year 2023, with Q1 net revenues increasing by 9% year-over-year to $1.59 billion. The company set new Q1 records for billings, revenue, gross profit dollars, operating income, and EPS, driven by broad-based demand across its portfolio and geographies.
Net revenues for the first quarter grew 9% year-over-year to $1.59 billion, 13% in constant currency.
Q1 product revenue grew 8% year-over-year to $786 million, the sixth consecutive quarter of year-over-year growth.
Q1 billings were $1.56 billion, an increase of 13% year-over-year, 18% in constant currency.
NetApp™ Public Cloud annualized revenue run rate (ARR) increased 73% year-over-year to $584 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company provided the following financial guidance for the second quarter of fiscal year 2023: Net revenues are expected to be in the range of: $1.595 billion to $1.745 billion GAAP Non-GAAP Earnings per share is expected to be in the range of: $0.93 - $1.03 $1.28 - $1.38
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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