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NetApp’s third quarter revenues charge forward

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Thomas Musick
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George Kurian’s NetApp reported strong third quarter numbers all-flash arrays leading the way to set NetApp up for its first full year annual growth since 2015.

Revenue of $1.52bn was eight per cent more than the $1.4bn recorded a year ago.

GAAP net income was a loss of $506mn, caused by the recent US tax law changes, with NetApp taking a one-time charge of $856mn.

Non-GAAP Net income of $273mn paints a clearer profit picture, as it is an 18.2 per cent increase on last year's numbers.

Another good indication of NetApp's financial health was free cash flow at 25 per cent of revenue and increased 104 per cent year-over-year.

CEO George Kurian said NetApp experienced “a solid demand environment and customer momentum, landing wins and footprint expansions with leading organisations in all geographies.”

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Thomas Musick
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