- NetApp (NASDAQ:NTAP) up 3% premarket after yesterday's fiscal first-quarter results beats top and bottom-line estimates.
- Net revenues for the first quarter grew 12% Y/Y to $1.46B; Billings grew 20% to $1.38B.
- Adjusted gross margin was 69.3% vs. a consensus of 68.1%.
- Cash provided by operations, $242M, compared to $240M last year.
- Cash, cash equivalents, and investments were $4.55B at the end of the quarter.
- For Q2, NTAP expects $1.49-1.59B in revenue (consensus: $1.52B) and $1.14-1.24 adjusted EPS (consensus: $1.13).
- The Company raises full-year guidance, now sees adjusted EPS of $4.85-$5.05 (prior:$4.45-$4.65) vs. a consensus of $4.74; sees FY22 revenue growth of 8-9% (prior: +6-7%).
- Previously (Aug. 25): NetApp EPS beats by $0.20, beats on revenue.
- Related: NetApp, Inc. (NTAP) CEO George Kurian on Q1 2022 Results - Earnings Call Transcript