NetApp Inc
XMUN:NTA
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XMUN:NTA
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Earnings Calls
Last Earnings Call
Record quarter: NetApp reported Q1 revenue of $2.03 billion, up 30% year-over-year, exceeding the high end of guidance on every metric.
AI momentum: The company won approximately 350 AI and data lake modernization deals, with larger deal sizes as customers move from testing to production workloads.
Broad demand: Management described strength across customer sizes, industries, geographies, products and sales channels, while noting that accelerated purchases were limited to a small portion of customers.
Margin pressure: Gross margin was 70.6%, down 50 basis points year-over-year as product revenue represented 49% of sales and component costs increased.
Raised outlook: Fiscal 2027 revenue guidance increased by $650 million to a midpoint of $8.1 billion, while EPS guidance rose to a midpoint of $9.88.
Cloud and flash growth: Public cloud revenue reached $206 million, up 28%, while all-flash array revenue reached $1.31 billion, up 47%.
Strategic acquisitions: NetApp acquired DataPelago to strengthen in-place AI data processing and JetStream to expand cloud-native disaster recovery for VMware workloads.