Summary by Moomoo AI
NetApp reported Q2 FY2025 results with net revenues of $1.66 billion, up 6% year-over-year. Net income reached 18% of revenue, compared to 15% in Q2 FY2024. Product revenues increased 9% to $768 million, while services revenues grew 4% to $890 million. The company's Hybrid Cloud segment saw strong growth in all-flash array systems sales.Operating expenses decreased to 50% of net revenues from 52% last year, reflecting improved operational efficiency. Cash flow from operations was $446 million for the first half of FY2025. NetApp repurchased 5.8 million shares for $700 million and paid $213 million in dividends during this period.Looking ahead, NetApp remains focused on driving growth in total product revenues while maintaining operational discipline. The company expects capital expenditures of $50-100 million for the remainder of FY2025. With $2.2 billion in cash and investments, NetApp believes it has sufficient liquidity to meet its cash requirements for at least the next 12 months and beyond.