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5 Keys To Understanding NetApp’s Second-Quarter Financials

‘As I’ve said many times, our public cloud services not only allow us to participate in the rapidly growing cloud market, but they also make us a more strategic data center partner to our enterprise customers, driving share gains in our hybrid cloud business,’ says NetApp CEO George Kurian.

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Seeing The Fruits Of Its Investments  

NetApp Tuesday reported a strong second fiscal quarter 2022. Revenue for the quarter, which ended Oct. 29, grew by 10-plus percent over that of last year, while income was up strongly. The company also increased its guidance for the full fiscal year 2022.

While sales of the company’s storage products saw one of the highest growth rates, the real story is what NetApp is doing in the cloud. NetApp reported its public cloud annualized revenue run rate is now $388 million, up 80 percent over last year, a number it expects to grow to over $1 billion by fiscal year 2025. A big part of that growth came from NetApp’s storage relationships with Amazon Web Services, Microsoft Azure and Google Cloud Platform, including the adoption of its technology by those cloud providers in some cases.

But it’s not just storage. NetApp is moving fast to become a leading provider of non-storage cloud technology, turning it into a potential leader in the cloud, not just cloud storage.

‘As I’ve said many times, our public cloud services not only allow us to participate in the rapidly growing cloud market, but they also make us a more strategic data center partner to our enterprise customers, driving share gains in our hybrid cloud business,’ NetApp CEO George Kurian told financial analysts Tuesday.

NetApp is rapidly changing into a cloud-centric technology vendor. Here is a detailed look at some of the ways that is happening.

 
 
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