NetApp Q2 2022 Earnings Report
Key Takeaways
NetApp reported strong second-quarter results, with revenue growth driven by expanded cloud partnerships and substantial innovation. The company's performance exceeded guidance, leading to raised full-year expectations for revenue, EPS, and Public Cloud ARR. NetApp is gaining market share in all-flash and object storage while rapidly scaling its public cloud business.
Net revenues grew 11% year-over-year to $1.57 billion.
Public Cloud ARR increased 80% year-over-year to $388 million.
All-flash array annualized net revenue run rate increased 22% year-over-year to $3.1 billion.
GAAP net income per share of $0.98, compared to $0.61 in the second quarter of fiscal year 2021
NetApp
NetApp
Forward Guidance
The Company provided the following financial guidance for the third quarter of fiscal year 2022: Net revenues are expected to be in the range of: $1.525 billion to $1.675 billion GAAP Non-GAAP Earnings per share is expected to be in the range of: $0.93 - $1.03 $1.21 - $1.31