February 15th, 2018 by Adam Armstrong
NetApp Announces Its 3Q18 Financial Results
NetApp reported its financial results for its third fiscal quarter year of 2018, ended on January 26,2018. The company saw a small bump in revenue and a large jump in its net loss. NetApp’s stock took a sharp drop this morning after the earnings report yesterday afternoon.
For the numbers, NetApp is reporting net revenue of $1.52 billion, up 8% from the same time last year, $1.4 billion. The company reported a GAAP net loss of $506 million or a net loss of $1.89 per share (this is attributed to the 2017 Tax Reform Reconciliation Act which resulted in a one-time charge of $856 million) and a non-GAAP net income of $146 million or $0.99 earnings per share. Cash, cash equivalents, and investments were $5.6 billion at the end of this fiscal quarter. Cash from operations is reported as $420 million up from $235 million the same time last year.
Aside from the numbers, NetApp had a fairly good quarter. The company was able to nab a fairly big customer win on its HCI side and saw lots of growth in its flash FlexPod. NetApp released its latest version of ONTAP, 9.3, along with the introduction of SnapMirror for SolidFire Element OS. The company also strengthened its partnership with Fujitsu with NFLEX as well as offering support for VMware Cloud on AWS.
NetApp announced the repurchase of $203 million and a cash dividend of $0.20 per share to be paid on April 25, 2018. Looking to next quarter NetApp is aiming for a revenue between $1.525 billion to $1.675 billion and earnings per share to be $0.75–$0.83 GAAP and $0.95–$1.03 non-GAAP.