NetApp delivered better-than-expected third quarter results and said all-flash array annualized net revenue run rate reached an all-time high of $3.2 billion.
The storage company reported third quarter revenue of $1.61 billion with net income of $330 million, or $1.10 a share. Non-GAAP earnings for the quarter were $1.44 a share.
Wall Street was expecting NetApp to report second quarter revenue of $1.61 billion with non-GAAP earnings of $1.07 a share.
“Q3 results and positive growth outlook are powered by the alignment of our differentiated technology portfolio with customer priorities for cloud and digital transformation. We have a unique position in solving organizations’ most significant challenges in hybrid, multi-cloud IT,” said CEO George Kurian.
“Our focused execution and effective management of temporary supply chain headwinds enable us to capture our expanding opportunity while investing for continued growth and delivering operating leverage.”
The bulk of NetApp’s sales in the quarter were attributed to hybrid cloud deployments. NetApp has been building out its public cloud business with partnerships with AWS, Google Cloud and Microsoft Azure. NetApp is also leveraging its NetApp Ontap software as a managed service.
NetApp is modeling fourth quarter revenue between $1.635 billion and $1.735 billion, with non-GAAP earnings between $1.21 and $1.31.
For fiscal 2022, NetApp is projecting revenue growth of 9% to 10% and bumped up their non-GAAP earnings projection to somewhere between $5.07 and $5.17.
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