NetApp announced its financial results for the second quarter financial results. During the period, the company’s revenue was increased by 11% year-over-year to $1.57 billion. $1.48 billion of the revenue came from the hybrid cloud segment, which was $1.37 billion in the second quarter of the fiscal year 2021. The public cloud segment revenue was $87 million, compared to $47 million from last year’s second quarter.
Second quarter financial results
NetApp announced that the next cash dividend of $0.50 per share will be paid on January 26 to shareholders.
- Net revenues: $1.57 billion, compared to $1.42 billion in the second quarter of fiscal year 2021
- Hybrid Cloud segment revenue: $1.48 billion, compared to $1.37 billion in the second quarter of fiscal year 2021
- Public Cloud segment revenue: $87 million, compared to $47 million in the second quarter of fiscal year 2021
- Net income: GAAP net income of $224 million, compared to $137 million in the second quarter of fiscal year 2021; non-GAAP net income of $292 million, compared to $236 million in the second quarter of fiscal year 2021
- Earnings per share: GAAP net income per share of $0.98, compared to $0.61 in the second quarter of fiscal year 2021; non-GAAP net income per share of $1.28, compared to $1.05 in the second quarter of fiscal year 2021
- Cash, cash equivalents and investments: $4.55 billion at the end of the second quarter of fiscal year 2022
- Cash provided by operations: $298 million, compared to $161 million in the second quarter of fiscal year 2021
- Share repurchase and dividends: Returned $237 million to shareholders through share repurchases and cash dividends
George Kurian, chief executive officer of NetApp said,
« We delivered another strong quarter, with results all at the high end or above our guidance. Our performance reflects a strong demand environment, a clear vision, and exceptional execution by the NetApp team and gives the confidence to raise our full year guidance for revenue, EPS and Public Cloud ARR. We are gaining share in the key markets of all-flash and object storage, while rapidly scaling our public cloud business. Our industry-leading innovation and unique and deep cloud partnerships position us well to capitalize on significant opportunity ahead. »
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