2023-06-01 10:50:59 ET
NetApp ( NASDAQ: NTAP ) rose 7.9% Thursday morning after it beat fiscal fourth-quarter earnings expectations on top and bottom lines and guided above expectations for full-year profit.
The company also authorized an additional $1B in stock repurchases.
Revenues dipped 6% to $1.58B (a 4% decline in constant currency), which still topped Wall Street views. By segment, Hybrid Cloud revenues fell to $1.43B from a prior-year $1.56B, and Public Cloud revenue rose to $151M from $120M.
Billings fell 17% to $1.67B. The company's Public Cloud annualized revenue run rate was up 23% to $620M, while all-flash array ARR fell about 4% to $3.1B.
And non-GAAP net income ticked up to $334M from a year-ago $324M.
CEO George Kurian credited "sharpened focus and disciplined execution" for strong quarterly results. "We are entering FY24 with substantial new innovations and a more focused operating model to better address the areas of priority spending," he said.
For full-year net revenues, it's expecting a decline in the "low- to mid-single digits" on a percentage basis. But its forecast of earnings per share (non-GAAP) of $5.65-$5.85 were above Street consensus for $5.59.
The company also forecast consolidated gross margins of about 70% and operating margins about 25%.
For more detail, dig into NetApp's earnings call presentation and Seeking Alpha's transcript of NetApp's earnings call .
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NetApp gains 8% on quarterly beat, upbeat profit outlook