NetApp Q2 2023 Earnings Report
Key Takeaways
NetApp reported a solid quarter with all-time highs for Q2 revenue, billings, gross profit dollars, operating income, and EPS. Net revenues for the second quarter grew 6% year-over-year to $1.66 billion.
Net revenues for the second quarter grew 6% year-over-year to $1.66 billion, 12% in constant currency
Q2 product revenue grew 3% year-over-year to $837 million, the seventh consecutive quarter of year-over-year growth
NetAppâ„¢ Public Cloud annualized revenue run rate (ARR) increased 55% year-over-year to $603 million
$258 million returned to shareholders in share repurchases and cash dividends in the second quarter
NetApp
NetApp
Forward Guidance
Net revenues are expected to be in the range of: $1.525 billion to $1.675 billion. GAAP Earnings per share is expected to be in the range of: $0.88 - $0.98. Non-GAAP Earnings per share is expected to be in the range of: $1.25 - $1.35