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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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NetApp’s Public Cloud Business Is Booming  

NetApp is uniquely positioned to help businesses solve challenges in both modern and traditional applications, on-premises, and in hybrid, multi-cloud environments, Kurian said.

“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,” he said.

The results were obvious in the second fiscal quarter 2022 financial report. NetApp’s public cloud revenue grew 85 percent over last year, driven by Azure NetApp Files, Cloud Insights and Spot by NetApp, Kurian said. NetApp’s public cloud annualized revenue run rate grew by 80 percent to $388 million, and its public cloud dollar-based net revenue retention rate was a healthy 179 percent.

“During Q2, we advanced our cloud agenda significantly, and we remain confident in our ability to achieve our goal of reaching $1 billion ARR in [fiscal year 2025], with a gross margin profile that is accretive to the corporate average,” he said.

 
 
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