NetApp (NTAP - Free Report) reported $1.58 billion in revenue for the quarter ended April 2023, representing a year-over-year decline of 5.9%. EPS of $1.54 for the same period compares to $1.42 a year ago.
The reported revenue represents a surprise of +2.36% over the Zacks Consensus Estimate of $1.54 billion. With the consensus EPS estimate being $1.35, the EPS surprise was +14.07%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how NetApp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Gross margin - Product - Non GAAP: 55.1% versus 47.72% estimated by six analysts on average.
- Services gross margin - Non-GAAP: 81.4% versus 82.67% estimated by five analysts on average.
- Total Revenue- Reported: -6% compared to the -7.53% average estimate based on five analysts.
- Geographic Mix- Asia-Pacific: 14% versus 14% estimated by two analysts on average.
- Revenue- Product: $744 million versus $712.05 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a -16.8% change.
- Net Service revenue: $837 million versus the six-analyst average estimate of $850.23 million. The reported number represents a year-over-year change of +6.5%.
- Net Revenue- Public Cloud: $151 million compared to the $151.68 million average estimate based on five analysts. The reported number represents a change of +25.8% year over year.
- Revenue- Professional and Other Services: $88 million compared to the $77.64 million average estimate based on four analysts.
- Revenue- Support: $598 million compared to the $597.37 million average estimate based on four analysts. The reported number represents a change of +1.4% year over year.
- Net Revenue- Hybrid Cloud: $1.43 billion versus the four-analyst average estimate of $1.40 billion. The reported number represents a year-over-year change of -8.3%.
- Product Revenues- Software: $437 million versus $432.37 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -17.6% change.
- Product Revenues- Hardware: $307 million versus the three-analyst average estimate of $299.21 million. The reported number represents a year-over-year change of -15.7%.
View all Key Company Metrics for NetApp here>>>Shares of NetApp have returned +11% over the past month versus the Zacks S&P 500 composite's +1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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NetApp (NTAP - Free Report) reported $1.58 billion in revenue for the quarter ended April 2023, representing a year-over-year decline of 5.9%. EPS of $1.54 for the same period compares to $1.42 a year ago.
The reported revenue represents a surprise of +2.36% over the Zacks Consensus Estimate of $1.54 billion. With the consensus EPS estimate being $1.35, the EPS surprise was +14.07%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how NetApp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Gross margin - Product - Non GAAP: 55.1% versus 47.72% estimated by six analysts on average.
- Services gross margin - Non-GAAP: 81.4% versus 82.67% estimated by five analysts on average.
- Total Revenue- Reported: -6% compared to the -7.53% average estimate based on five analysts.
- Geographic Mix- Asia-Pacific: 14% versus 14% estimated by two analysts on average.
- Revenue- Product: $744 million versus $712.05 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a -16.8% change.
- Net Service revenue: $837 million versus the six-analyst average estimate of $850.23 million. The reported number represents a year-over-year change of +6.5%.
- Net Revenue- Public Cloud: $151 million compared to the $151.68 million average estimate based on five analysts. The reported number represents a change of +25.8% year over year.
- Revenue- Professional and Other Services: $88 million compared to the $77.64 million average estimate based on four analysts.
- Revenue- Support: $598 million compared to the $597.37 million average estimate based on four analysts. The reported number represents a change of +1.4% year over year.
- Net Revenue- Hybrid Cloud: $1.43 billion versus the four-analyst average estimate of $1.40 billion. The reported number represents a year-over-year change of -8.3%.
- Product Revenues- Software: $437 million versus $432.37 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -17.6% change.
- Product Revenues- Hardware: $307 million versus the three-analyst average estimate of $299.21 million. The reported number represents a year-over-year change of -15.7%.
View all Key Company Metrics for NetApp here>>>Shares of NetApp have returned +11% over the past month versus the Zacks S&P 500 composite's +1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
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