Summary by Moomoo AI
NetApp reported fiscal 2024 results with net revenues of $6.27 billion, down 1% year-over-year. Despite lower revenue, income from operations increased 19% to $1.21 billion, driven by improved gross margins. Net income declined to $986 million from $1.27 billion last year, impacted by a shift from tax benefit to tax provision.Product revenues fell 7% to $2.85 billion, while services revenues grew 3% to $3.42 billion. Hybrid Cloud segment saw lower demand, but Public Cloud revenues rose 6% to $611 million. Gross margin expanded to 71% from 66% last year due to lower component and freight costs.NetApp generated $1.69 billion in operating cash flow, up from $1.11 billion in fiscal 2023. The company repurchased $900 million of stock and paid $416 million in dividends. For fiscal 2025, NetApp expects continued macroeconomic uncertainties may impact customer demand, while planning $150-200 million in capital expenditures.
