NetApp Q3 2022 Earnings Report
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
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.