NetApp Reports Strong Q4 Revenue of $1.67 Billion and FY24 Results, Provides Positive FY25 Guidance

NetApp reported its fourth quarter and fiscal year 2024 results, showcasing strong performance and positive guidance. The company achieved net revenues of $1.67 billion for the fourth quarter, with GAAP net income per share of $1.37, up from $1.13 in the same quarter of fiscal year 2023. Non-GAAP net income per share was $1.80, compared to $1.54 in the fourth quarter of fiscal year 2023. For fiscal year 2024, NetApp reported a revenue of $6.27 billion, down 1% year-over-year, and billings of $6.25 billion, down 2% year-over-year. Despite the slight decline in revenue and billings, the company achieved all-time fiscal year highs for operating margin and EPS, with an operating margin of 27%, up 260 basis points. NetApp also provided guidance for fiscal year 2025, projecting EPS above consensus and revenues in line with expectations. The company guided Q1 EPS in-line and revenues in-line. Additionally, NetApp increased its dividend and authorized a $1 billion share repurchase. Robust demand for cloud services contributed to the positive results, leading to a 2.4% rise in pre-market trading.