Categories Earnings, Technology

Earnings Summary: Highlights of NetApp’s Q1 2024 financial results

Cloud service provider NetApp, Inc. (NASDAQ: NTAP) on Thursday announced financial results for the first quarter of 2024.

  • First-quarter revenues decreased to $1.43 billion from $1.59 billion in the corresponding period of fiscal year 2023
  • Hybrid Cloud segment revenue was $1.28 billion in Q1, compared to $1.46 billion in the prior-year quarter
  • Public Cloud segment revenue came in at $154 million, up from $132 million reported in the first quarter of 2023
  • At $1.30 billion, total billings were down 17% year-over-year in the July quarter
  • NetApp Public Cloud’s annualized revenue run rate was $619 million, compared to $584 million last year
  • Q1 net income decreased to $149 million from $214 million a year earlier; adjusted net income was $249 million, compared to $269 million in Q1 2023
  • Earnings per share dropped to $0.69 from $0.96; adjusted earnings per share was $1.15, vs. $1.20/share last year

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