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"NetApp Soars to 23-Year High Amid Revenue Surge and Raised Guidance"

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Source: Blocks & Files
"NetApp Soars to 23-Year High Amid Revenue Surge and Raised Guidance"
Photo: Blocks & Files
TL;DR

NetApp's Q3 FY24 revenue surged 5% to $1.6 billion, driven by record all-flash array sales and profits of $313 million. CEO George Kurian attributes the success to the momentum of their expanded all-flash product portfolio and operational discipline. The company's lower cost all-flash arrays outperformed competitors, leading to a sustainable step-up in product gross margin. Despite a minor revenue lift in the public cloud business, NetApp is focusing on first-party and hyperscaler marketplace storage services for growth. The company raised its full-year revenue outlook and is confident in its ability to capitalize on market opportunities.

Topics:businesstechnology#all-flash-array#ceo-george-kurian#cloud-business#netapp#revenue-surge#technology
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  1. NetApp revenue surges as competitors struggle – Blocks and Files  Blocks & Files
  2. NetApp Breaks Out To 23-Year High On Earnings Beat, Hiked Guidance  Investor's Business Daily
  3. NetApp (NTAP) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates  Yahoo Finance
  4. NetApp stock climbs to 23-year high on beat-and-raise quarter (NASDAQ:NTAP)  Seeking Alpha
  5. NetApp lifts annual profit forecast on resilient demand for cloud services  Reuters

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