NetApp, Inc - NTAP STOCK NEWS

NetApp (NASDAQ: NTAP), a leading intelligent data infrastructure company, announced it will host an investor day on June 11, 2024, in New York City from 8:30 a.m. to 11:45 a.m. Eastern Time. The event will be webcast live on NetApp's investor relations website. A replay will be available 24 hours after the event. Pre-registration is required for in-person attendance, and financial analysts and institutional investors interested in attending should contact Billie Fagenstrom for registration details.

NetApp (NASDAQ: NTAP) is now the exclusive Intelligent Data Infrastructure partner for Porsche Motorsport. This partnership extends to the Team Porsche Penske Motorsport in the IMSA WeatherTech SportsCar Championship and the World Endurance Championship, as well as continuing support for the TAG Heuer Porsche Formula E Team. NetApp's technology enables Porsche Motorsport to access and analyze data in real time, enhancing race strategies and performance. Key technologies include Cloud Volumes ONTAP, BlueXP, and Cloud Backup. The collaboration has already contributed to four wins in the 2023-2024 Formula E season, positioning the team competitively.

NetApp (NASDAQ: NTAP) reported its fourth quarter and fiscal year 2024 results, showcasing net revenues of $1.67 billion for Q4 and $6.27 billion for the fiscal year, reflecting a 1% year-over-year decrease. The company achieved record all-flash array annualized revenue run rate of $3.6 billion, a 17% increase. Fiscal year GAAP consolidated gross margins were 71%, non-GAAP margins at 72%, and GAAP net income per share at $4.63, with non-GAAP net income per share at $6.46. The company announced a new share repurchase authorization of $1 billion and increased its quarterly dividend to $0.52 per share.

In Q4, net revenues were $1.67 billion, up 6% year-over-year. GAAP net income was $291 million, and non-GAAP net income was $382 million. NetApp also reported cash, cash equivalents, and investments totaling $3.25 billion by the end of Q4. For fiscal year 2025, NetApp forecasts net revenues between $6.45 billion and $6.65 billion and GAAP earnings per share between $4.96 and $5.16.

NetApp (NASDAQ: NTAP) has launched the new AFF A-Series all-flash storage systems, targeting demanding IT workloads including AI, VMware, and enterprise databases. These systems promise up to 2x better performance, 99.9999% data availability, and advanced ransomware protection. Alongside, NetApp introduced six new StorageGRID models designed to enhance value and reduce costs for large, unstructured data. NetApp also unveiled new cyber vault architecture, SnapMirror Active Sync for uninterrupted data center operations, and BlueXP Classification for enhanced data intelligence. These innovations align with NetApp's strategy to offer unified data storage solutions that integrate with major cloud providers.

NetApp (NASDAQ: NTAP) and Lenovo announced the NetApp AIPod with Lenovo ThinkSystem servers for NVIDIA OVX, a converged infrastructure optimized for generative AI. This solution aims to simplify, accelerate, and reduce the cost of AI deployment for enterprises. It integrates NetApp's storage systems, Lenovo's reliable ThinkSystem SR675 V3 servers, and NVIDIA's AI Enterprise software, enabling AI RAG and inferencing operations. Key features include support for NVIDIA NIM inference microservices, hybrid cloud data management, and seamless integration into AI ecosystems. The product will be available by summer 2024.

NetApp sponsored research by leading market research firm reveals that organizations need an intelligent data infrastructure to scale AI initiatives responsibly. The IDC White Paper highlights challenges and benefits at different AI maturity levels and emphasizes the importance of an infrastructure that supports various data types and access methods. AI Masters optimize their data infrastructure for transformational AI initiatives, while AI Emergents face challenges like budget constraints and insufficient data. Data infrastructure flexibility and effective data governance are important for AI initiative success. Organizations need to prioritize security, data governance, and resource efficiency to scale AI responsibly.

NetApp announced Dallas Olson as the new Chief Commercial Officer, bringing over 25 years of experience to drive business growth in key areas like AI and Keystone through specialist teams. Olson will oversee sales strategy, enhance market presence, optimize sales models, foster partnerships, and champion customer-centric approaches to maintain NetApp's position as a market leader. His track record in guiding organizations through market shifts and driving triple-digit growth makes him a valuable addition to the company.

NetApp will announce financial results for the fourth quarter and fiscal year 2024 on May 30, 2024. The executive management will host a conference call to discuss the results and market dynamics. Live webcast details are available at investors.netapp.com.

Future targeted release dates for FY 2025 results are also provided.

NetApp's 2024 Cloud Complexity Report highlights the divide between AI leaders and laggards, emphasizing the value of a unified data infrastructure for AI success. The report reveals significant differences in AI adoption across regions, industries, and company sizes. AI leaders are experiencing benefits like increased production rates, automation, and improved customer experience. Despite notable progress among AI laggards, they must innovate swiftly to stay competitive in the disrupt or die era. Rising IT costs and data security challenges are top concerns, but AI leaders are reallocating funds and increasing investments in CloudOps and data security to drive AI success.