NetApp experienced solid revenue and income growth in fiscal 2024's fourth quarter, driven by its cloud and flash storage businesses. The company is focusing on AI for future growth, with CEO George Kurian highlighting its role in building intelligent data infrastructures and supporting AI workloads. NetApp achieved record annual gross margin, operating margin, earnings per share, and cash flows. Highlights include a 17% growth in all-flash array revenue and a doubling of Keystone storage-as-a-service sales. On the cloud services front, NetApp extended its leadership in cloud storage services and launched new performance enhancements for Amazon FSx for NetApp Ontap and a new service level for Google Cloud NetApp Volumes.
NetApp's fiscal 2025 first quarter revenue is expected to range between $1.455 billion and $1.605 billion, with earnings projected between $1.40 and $1.50 per share. The company remains cautiously optimistic about the macroenvironment, seeing improvements over the previous year. CEO Kurian expressed confidence in NetApp's leadership and momentum, positioning the company for continued growth.
Shares of NetApp closed at $116.50, down 0.85%, but rebounded to $117.60 by noon on Friday.
Source: CRN
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