NETAPP Reports Strong Earnings for First Quarter of FY2024
September 6, 2023
☀️Earnings Overview
On August 23 2023, NETAPP ($NASDAQ:NTAP) reported their earnings results for the first quarter of FY2024, ending July 31 2023. For this quarter, total revenue was USD 1432.0 million, a decline of 10.1% from the same period in the previous year. Net income also decreased by 30.4%, coming in at USD 149.0 million.
Share Price
NETAPP stock opened at $76.8 and closed at $76.5 after a successful day on the market. The company attributed their success to their strong focus on innovation, which has allowed them to respond quickly to customer needs. NETAPP has continued their commitment to investing in research and development to ensure they remain a leader in data storage and management solutions. Their commitment to both customer support and technological advancements has enabled them to remain one of the most trusted companies in their field.
This was due to increased demand for cloud storage solutions as more businesses move away from hardware-based data storage solutions. The company has also invested heavily in expanding their customer base, which has allowed them to gain a larger market share. With their commitment to innovation and customer satisfaction, NETAPP is well-positioned to remain a leader in the data storage and management solutions industry. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Netapp. 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. 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. 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. 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 have conducted an in-depth analysis of NETAPP‘s financials. Our Risk Rating system has determined that NETAPP is a high risk investment when it comes to financial and business aspects. For those who want to learn more, GoodWhale has detected three risk warnings in their income sheet, balance sheet, and non-financial statements. If you become a registered user, we can provide you with more details. We recognize that such a high-risk investment may not be suitable for everyone. However, our analysis provides important insights into NETAPP’s financial health and provides useful data points to consider when making a decision. Ultimately, it is up to the individual investor to decide if NETAPP is the right choice for them, but our analysis can help inform that decision. 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 reported their earnings results for the first quarter of FY2024, showing a decrease of 10.1% in total revenue, amounting to USD 1432.0 million, compared to the same period last year. Net income decreased by 30.4%, coming to USD 149.0 million. This could be a sign of distress in the company’s financial outlook, and investors should pay close attention to any further developments in the coming quarters. Analysts may want to consider re-evaluating their investment in NETAPP and assess the potential risks of holding the stock.
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