NETAPP Reports 10.1% Drop in Revenue for First Quarter of Fiscal Year 2024
August 29, 2023
🌧️Earnings Overview
At the conclusion of its first quarter of Fiscal Year 2024, NETAPP ($NASDAQ:NTAP) reported total revenue of USD 1432.0 million on July 31 2023, representing a 10.1% decrease compared to the same quarter in the prior year. Net income in the quarter was USD 149.0 million, a decrease of 30.4% year over year.
Analysis
The report revealed three risk warnings related to the company’s income sheet, balance sheet, and non-financial items. These risks include low cash flow, high debt levels, and lack of long-term contracts. The report also provides insights into NETAPP‘s financial health, current liquidity, profitability, future earnings potential, and market sentiment. GoodWhale recommends investors to register with them to gain access to these insights and the detailed risk warnings associated with NETAPP. With the help of GoodWhale’s analysis, investors can make informed decisions about their investments and ensure the long-term success of their portfolios. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Netapp. NETAPP_Reports_10.1_Drop_in_Revenue_for_First_Quarter_of_Fiscal_Year_2024″>More…
| Total Revenues | Net Income | Net Margin |
| 6.2k | 1.21k | 20.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Netapp. NETAPP_Reports_10.1_Drop_in_Revenue_for_First_Quarter_of_Fiscal_Year_2024″>More…
| Operations | Investing | Financing |
| 1.28k | -990 | -1.57k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Netapp. NETAPP_Reports_10.1_Drop_in_Revenue_for_First_Quarter_of_Fiscal_Year_2024″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 9.27k | 8.4k | 5.5 |
Key Ratios Snapshot
Some of the financial key ratios for Netapp are shown below. NETAPP_Reports_10.1_Drop_in_Revenue_for_First_Quarter_of_Fiscal_Year_2024″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 4.2% | 4.6% | 17.0% |
| FCF Margin | ROE | ROA |
| 17.3% | 56.7% | 7.1% |
Peers
The company offers a wide range of products and services that enable users to store, manage, and protect their data. NetApp Inc competes with a number of other companies in the data storage and management market, including Amethystum Storage Technology Co Ltd, Beijing Join-Cheer Software Co Ltd, and Red Cat Holdings Inc.
– Amethystum Storage Technology Co Ltd ($SHSE:688086)
Amethystum Storage Technology Co Ltd is a company that provides storage solutions. The company has a market cap of 1.29B as of 2022 and a return on equity of -17.94%. The company’s products include storage devices, software, and services. The company’s products are used in a variety of applications, including data storage, backup and recovery, and archiving.
– Beijing Join-Cheer Software Co Ltd ($SZSE:002279)
Beijing Join-Cheer Software Co Ltd is a Chinese software company with a market cap of 3.84B as of 2022. The company has a Return on Equity of -2.17%. Join-Cheer Software Co Ltd specializes in the development and sale of software products. The company was founded in 1996 and is headquartered in Beijing, China.
– Red Cat Holdings Inc ($NASDAQ:RCAT)
Red Cat Holdings Inc is a development stage company that focuses on the development, production and sale of Chinese herbal products. The company was founded in 2012 and is headquartered in Vancouver, Canada.
Summary
NetApp, a data storage and management company, reported a decrease in revenue and net income for their first quarter of Fiscal Year 2024. Total revenue was USD 1432.0 million, a 10.1% decrease year-over-year, while net income was USD 149.0 million, a 30.4% decrease year-over-year. These figures could signal to investors that their investments may be risky and should be monitored closely.
Interested parties should examine the company’s financials to determine if current conditions are signs of potential trouble or if they are short-term blips in performance. It is important to remain vigilant and consider the company’s long-term outlook when making investment decisions.
