Categories Earnings, Technology

Earnings Summary: Highlights of NetApp’s Q2 2024 financial results

Cloud service provider NetApp, Inc. (NASDAQ: NTAP) has announced financial results for the second quarter of 2024, reporting a decline in revenues.

  • Second-quarter net revenues decreased 6% annually to $1.56 billion from $1.66 billion in the comparable quarter of fiscal 2023
  • Hybrid Cloud revenue decreased during the three months, while Public Cloud revenue increased
  • Billings dropped 9% annually to $1.45 billion in the second quarter from $1.60 billion a year earlier
  • NetApp Public Cloud’s annualized revenue run rate edged up 1% year-over-year to $609 million in Q2
  • Q2 net income was $233 million, compared to $750 million in the second quarter of last year
  • On a per-share basis, profit came in at $1.10, compared to $3.41 in the year-ago quarter; adjusted earnings per share, meanwhile, rose to $1.58 from $1.48 last year

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