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NetApp (NASDAQ:NTAP) shares are trading higher after the company reported third-quarter FY24 results and issued FY24 adjusted EPS guidance above estimates.
Net revenue rose 5% Y/Y to $1.61 billion, beating the consensus of $1.59 billion. Billings rose 7% Y/Y to $1.69 billion in the quarter.
NetApp Public Cloud annualized revenue run rate (ARR) rose slightly to $608 million from $605 million a year ago. All-flash array ARR increased 21% Y/Y to $3.4 billion.
Adjusted EPS of $1.94, beating the consensus of $1.69.
As of third quarter FY24, cash, cash equivalents and investments stood at $2.92 billion.
The company returned $203 million to stockholders through share repurchases and cash dividends.
Dividend: The company declared a dividend of $0.50 per share, payable on April 24, 2024, to stockholders of record as of April 5, 2024.
Outlook: For the fourth quarter, the company anticipates revenue of $1.585 billion-$1.735 billion (vs. consensus of $1.65 billion) and adjusted EPS of $1.73-$1.83 (vs. street view of $1.73).
For FY24, NetApp currently sees adjusted EPS of $6.40-$6.50 vs. consensus of $6.15 (prior outlook $6.05-$6.25) and revenues of $6.185 billion-$6.335 billion vs. $6.23 billion estimate.
Several analysts updated their coverage on NetApp following the earnings report:
Price Action: NTAP shares are up 23.11% at $109.72 on the last check Friday.
Posted In: NTAP
