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Jan 28, 2022
NetApp Q3 2022 Earnings Report
NetApp's Q3 2022 financial results were reported, showcasing revenue growth and increased public cloud adoption.
Key Takeaways
NetApp reported a 10% year-over-year increase in net revenues for the third quarter of fiscal year 2022, reaching $1.61 billion. The company's Public Cloud annualized revenue run rate (ARR) increased by 98% year-over-year to $469 million. GAAP net income was $252 million, or $1.10 per share, while non-GAAP net income was $330 million, or $1.44 per share.
Net revenues grew 10% year-over-year to $1.61 billion.
Public Cloud ARR increased 98% year-over-year to $469 million.
Product revenue grew 9% year-over-year to $846 million.
GAAP net income per share was $1.10, and non-GAAP net income per share was $1.44.
NetApp
NetApp
NetApp Revenue by Segment
NetApp Revenue by Geographic Location
Revenue by Segment
Hybrid Cloud Revenue
CapyFin.comPublic Cloud Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.com Forward Guidance
The Company provided financial guidance for the fourth quarter and full fiscal year 2022. Net revenues for Q4 are expected to be in the range of $1.635 billion to $1.735 billion, with GAAP EPS between $0.90 and $1.00 and Non-GAAP EPS between $1.21 and $1.31. For the full fiscal year 2022, net revenues are expected to grow by approximately 10%, and Public Cloud ARR is expected to exit the year in the range of $525 million to $545 million.
Positive Outlook
- Net revenues are expected to be in the range of $1.635 billion to $1.735 billion for Q4 2022.
- GAAP EPS is expected to be in the range of $0.90 to $1.00 for Q4 2022.
- Non-GAAP EPS is expected to be in the range of $1.21 to $1.31 for Q4 2022.
- Net revenues are expected to grow by approximately 10% for the full fiscal year 2022.
- Public Cloud ARR is expected to exit the fiscal year in the range of $525 million to $545 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income