NetApp Stock Climbs After Better-Than-Expected Q2 Results

Erica Kollmann

November 21, 2024

NetApp, Inc. (NASDAQ:NTAP) reported its second-quarter results after Thursday's closing bell. Here's a look at the details from the report.

The Details: NetApp reported quarterly earnings of $1.87 per share, which beat the analyst consensus estimate of $1.78. Quarterly revenue came in at $1.65 billion, which beat the analyst consensus estimate of $1.64 billion and is an increase over revenue of $1.56 billion from the same period last year.

The company reported:

Hybrid Cloud segment revenue of $1.49 billion, compared to $1.41 billion in the second quarter of fiscal year 2024.
Public Cloud segment revenue of $168 million, compared to $154 million in the second quarter of fiscal year 2024.
Billings of $1.59 billion, compared to $1.45 billion in the second quarter of fiscal year 2024, a year-over-year increase of 9%.
Record all-flash array annualized net revenue run rate of $3.8 billion, an increase of 19% year-over-year.
First party and marketplace cloud storage services revenue grew approximately 43% year-over-year.
Record second quarter non-GAAP operating margin of 29%.
Returned $406 million to stockholders through share repurchases and cash dividends.

Read More: Rumble CEO Considers Bitcoin Investment, Engages Michael Saylor As Shares Rally

“Our strong Q2 performance was driven by another record-breaking quarter in all-flash storage and strong performance in first party and marketplace cloud storage services,” said George Kurian, CEO of NetApp.

“Broad-based customer preference for our intelligent data infrastructure platform and visionary approach for a data-driven future has enabled us to outgrow the market and take share from competitors. Our focus and momentum fuel my confidence in our ability to deliver outstanding results for customers and shareholders,” Kurian added.

NTAP Price Action: According to Benzinga Pro, NetApp shares are up 4.16% after-hours at $131.95 at the time of publication Thursday.

Read More:

Bitcoin Could Reach $1 Million By 2037, Economist Says: ‘Buy Of A Lifetime’ Opportunity

Photo: Courtesy of NetApp, Inc.

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