November 16th, 2017 by Adam Armstrong
NetApp Reports 2Q18 Earnings
NetApp announced its earnings for the second fiscal quarter of 2018 that ended October 27, 2017. Overall the company reported very strong numbers across the board. After the release of earnings the company saw a big uptick in their stock price going as high as 53.82.
Looking at the numbers, NetApp is reporting revenue of $1.42 billion, up from last quarter’s $1.33 billion, and up around 6% from the same time last year. GAAP net income was $175 million or $0.64/share, up considerably from last quarter’s $136 million and from this time last year where net income was $109 million. Non-GAAP net income was $223 million or $0.81/share up from this time last year where non-GAAP net income was $169 million or $0.60/share. Cash from operations was up this quarter to $314 million, up from $158 million this time last year. Cash and cash equivalents came to $ 6 billion this quarter.
The company announced a cash dividend of $0.20 per share to be paid on January 24, 2018, to shareholders of record as of the close of business on January 5, 2018. On other note of money returned to shareholders, NetApp returned $204 million through repurchasing shares and dividends this quarter.
For the next quarter NetApp is expected revenue between $1.425-1.575 billion and earnings per share of $1.18- $1.26 (GAAP) and $0.86 - $0.94 (non-GAAP).