Earnings Summary: NetApp reports higher revenue and profit for Q4 2024

NetApp, Inc. (NASDAQ: NTAP) has reported an increase in adjusted earnings for the fourth quarter of 2024 when the cloud service provider’s revenues grew 6%.

• Fourth-quarter revenue came in at $1.67 billion, which is up 6% from $1.58 billion reported in the same period of 2023
• Hybrid Cloud revenue rose to $1.52 billion from $1.43 billion last year; Public Cloud revenue edged up to $152 million from $151 million
• NetApp Public Cloud’s annualized revenue run rate moved up 2% year-over-year to $630 million
• The company reported total billings of $1.81 billion for Q4, compared to $1.67 billion in the fourth quarter of FY23
• Earnings, on an adjusted basis, advanced to $1.80 per share in the final months of FY24 from $1.54 per share last year
• Net income, excluding special items, came in at $382 million in the April quarter, compared to $334 million a year earlier
• Unadjusted earnings per share was $1.37 in Q4, vs. $1.13 in the corresponding period last year
• Q4 net income, on a reported basis, increased to $291 million from $245 million in the prior year quarter
• Cash provided by operations was $613 million at the end of the quarter, vs. $235 million last year