NetApp Shares Up 4% on Q4 Earnings Beat
2022.06.01 23:46
NetApp (NTAP) Shares Up 4% on Q4 Earnings Beat
By Davit Kirakosyan
NetApp (NASDAQ:NTAP) shares were trading more than 4% higher after-hours following the company’s reported Q4 results, with EPS of $1.42 coming in better than the consensus estimate of $1.28.
Revenue grew 8% year-over-year to $1.68 billion, in line with the consensus estimate. Q4 billings increased 16% year-over-year to $2.02 billion. Product revenue increased 6% year-over-year to $894 million.
“Our solid fourth quarter results cap off a strong year. We made sustained progress against our strategic goals: gaining share in enterprise storage, expanding our public cloud business, and, most notably, delivering record levels of gross margin dollars, operating income, and earnings per share,” said George Kurian, chief executive officer. “The strong fundamentals of our business, including our alignment to customer priorities, strong balance sheet, and prudent operational management put NetApp in a position of strength as we scale our Public Cloud services while continuing to drive growth in our Hybrid Cloud solutions.”
The company expects Q1/23 EPS to be in the range of $1.05-$1.15, compared to the consensus estimate of $1.09, and revenue in the range of $1.48-1.63 billion, compared to the consensus estimate of $1.56 billion.
Full the 2023-year, the company expects revenue growth to be in the range of 6%-8%, and EPS in the range of $5.40 – $5.60.
