NetApp reported the company’s financial results for the third quarter of the fiscal year 2022, which ended on January 28. The company’s net revenues for the third quarter grew by 10% year-over-year to $1.61 billion. For the quarter, the company’s product revenue was $846 million, increased by 9% year-over-year. NetApp’s billings were $1.76 billion, which has grown by 10% year-over-year.
Highlights
During the quarter, NetApp completed the acquisition of CloudCheckr, a cloud optimization platform. The company also unveiled introduced the AFF A900 system, all-flash storage array portfolio, powered by NetApp ONTAP Enterprise Edition. In the quarter, the company introduced another Spot by NetApp service, Ocean for Apache Spark.
- Net revenues: $1.61 billion, compared to $1.47 billion in the third quarter of fiscal year 2021
- Hybrid Cloud segment revenue: $1.50 billion, compared to $1.42 billion in the third quarter of fiscal year 2021
- Public Cloud segment revenue: $110 million, compared to $55 million in the third quarter of fiscal year 2021
- Net income: GAAP net income of $252 million, compared to $182 million in the third quarter of fiscal year 2021; non-GAAP net income4 of $330 million, compared to $250 million in the third quarter of fiscal year 2021
- Earnings per share: GAAP net income per share5 of $1.10, compared to $0.80 in the third quarter of fiscal year 2021; non-GAAP net income per share of $1.44, compared to $1.10 in the third quarter of fiscal year 2021
- Cash, cash equivalents and investments: $4.20 billion at the end of the third quarter of fiscal year 2022
- Cash provided by operations: $260 million, compared to $373 million in the third quarter of fiscal year 2021
- Share repurchase and dividends: Returned $236 million to shareholders through share repurchases and cash dividends
George Kurian, chief executive officer of NetApp said,
« Q3 results and positive growth outlook are powered by the alignment of our differentiated technology portfolio with customer priorities for cloud and digital transformation. We have a unique position in solving organizations’ most significant challenges in hybrid, multi-cloud IT. Our focused execution and effective management of temporary supply chain headwinds enable us to capture our expanding opportunity while investing for continued growth and delivering operating leverage. »