Earnings Summary: Highlights of NetApp’s Q4 2023 financial results

Cloud service provider NetApp, Inc. (NASDAQ: NTAP) on Wednesday announced financial results for the fourth quarter of 2023.

• Fourth-quarter net revenue was $1.58 billion, compared to $1.68 billion in the same period of 2022
• Hybrid Cloud segment revenue decreased to $1.43 billion in Q4 from $1.56 billion last year
• Public Cloud segment revenue came in at $151 million in the three-month period, vs. $120 million in Q4 2022
• In the April quarter, billings dropped 17% year-over-year to $1.67 billion
• Net income, on a reported basis, was $245 million in the fourth quarter, compared to $259 million last year
• On a per-share basis, unadjusted earnings edged down to $1.13 from $1.14
• Adjusted earnings increased to $1.54 per share in Q4 from $1.42 in the fourth quarter of fiscal year 2022