NETAPP Reports Positive Earning Results for Q1 FY2024
August 25, 2023
☀️Earnings Overview
NETAPP ($NASDAQ:NTAP) reported their fiscal first quarter earnings for FY2024, which ended on August 23 2023, on July 31. Compared to the same quarter the previous year, their total revenue decreased by 10.1%, coming in at USD 1432.0 million, and their net income decreased by 30.4%, settling at USD 149.0 million.
Share Price
On Wednesday, NETAPP reported positive earning results for the first quarter of fiscal year 2024. The company’s stock opened at $76.8 and closed at $76.5. This is an indication that NETAPP’s products and services are in high demand and the company’s prospects are strong. These results show the company’s ability to generate steady revenue growth while maintaining profitability. The company also reported a strong financial position with a cash balance of $2 billion and no long-term debt.
This provides NETAPP with the flexibility to invest in its long-term growth strategy and take advantage of opportunities in the market. Overall, NETAPP’s strong Q1 FY2024 results demonstrate the company’s ongoing success in the marketplace. With a healthy financial position and continued sales growth, NETAPP looks to be well-positioned for continued success. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Netapp. NETAPP_Reports_Positive_Earning_Results_for_Q1_FY2024″>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_Positive_Earning_Results_for_Q1_FY2024″>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_Positive_Earning_Results_for_Q1_FY2024″>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_Positive_Earning_Results_for_Q1_FY2024″>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% |
Analysis
At GoodWhale, we analyze NETAPP‘s financials with the goal of helping investors make informed decisions about their investments. Our Star Chart indicates that NETAPP is strong in dividend, profitability, and weak in asset and growth. The company’s high health score of 8/10 speaks to its ability to both pay off debt and fund future operations. At GoodWhale, we classify NETAPP as a ‘cow’, a type of company with the track record of paying out consistent and sustainable dividends. Such a company would be attractive to investors looking for reliable income from their investments. Investors looking to receive income from dividends would likely be interested in NETAPP as an investment option. More…
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 management and cloud storage company, reported its first quarter of FY2024 earnings results on July 31, 2023. Total revenue was USD 1432.0 million, a 10.1% decrease from the same quarter in the previous year. Net income also decreased by 30.4% to USD 149.0 million.
Analysts suggest that investors should remain cautious when considering NETAPP as an investment opportunity due to these declining figures. Furthermore, the company forecasts further challenges in the near future.
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