NetApp Q4 2023 Earnings Report
Key Takeaways
NetApp reported Q4 2023 net revenues of $1.58 billion, a 6% year-over-year decrease. The company's focus on hybrid and multicloud solutions, along with new innovations, aims to drive long-term growth and value.
Net revenues were $1.58 billion, a decrease of 6% year-over-year.
Hybrid Cloud segment revenue was $1.43 billion, down from $1.56 billion in Q4 2022.
Public Cloud segment revenue increased to $151 million, compared to $120 million in Q4 2022.
GAAP net income was $245 million, and non-GAAP net income was $334 million.
NetApp
NetApp
Forward Guidance
NetApp provided financial guidance for the first quarter and full fiscal year 2024, expecting net revenues to be in the range of $1.325 billion to $1.475 billion for Q1 and to decrease in the low-to-mid single digits for the full fiscal year.
Positive Outlook
- EPS is expected to be in the range of $0.62 - $0.72
- Non-GAAP EPS is expected to be in the range of $1.00 - $1.10
- Consolidated gross margins are expected to be ~69%
- Non-GAAP Consolidated gross margins are expected to be ~70%
- Non-GAAP Operating margins are expected to be ~25%
Challenges Ahead
- Net revenues are expected to be in the range of: $1.325 billion to $1.475 billion
- Net revenues are expected to be down year-over-year in the low-to-mid single digits on a percentage basis
- Operating margins are expected to be: ~18%
- Earnings per share is expected to be: $3.98 - $4.18
- Non-GAAP Earnings per share is expected to be: $5.65 - $5.85