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