August 17th, 2017 by Adam Armstrong
NetApp Reports 1Q18 Earnings
NetApp Inc. announced its earnings for the first fiscal quarter of its 2018. The overall numbers were good though a bit lower than last quarter. The company’s stock slipped a bit the day following the earnings report and, though it had gone up in the quarter, is mainly where it begun at the beginning of the quarter.
Looking at the numbers, NetApp is reporting revenue of $1.33 billion, down slightly from last quarter’s $1.48 billion, but up around 10% from the same time last year. GAAP net income was $136 million or $0.49/share, again down from last quarter some but up considerably from this time last year where net income was $64 million of $0.23/share. Non-GAAP net income was $173 million or $0.62/share up from this time last year where non-GAAP net income was $129 million or $0.46/share. For the next quarter NetApp is expected revenue between $1.31-1.46 billion and earnings per share of $0.47 - $0.55 (GAAP) and $0.64 - $0.72 (non-GAAP).
It has ben a good quarter for the company. Not only did Gartner recognize NetApp as a leader in Solid-State Arrays, the company saw its all-flash arrays outpace the overall market, growing 95% year over year. NetApp also won StorageReview’s Editor Choice award for their A200 array, only the second device to win the award for 2017. The A200 was able to hit tremendous performance at sub-millisecond latencies and had little performance impact with data reduction on. NetApp has also made improvements across the board in its ONTAP, OnCommand Insight, StorageGRID Webscale, and SnapCenter. It will be interesting to see the improvement the company continues to make in the future.