NetApp (NASDAQ: NASDAQ: NTAP ) has concluded its fourth quarter and fiscal year 2024 with exceptional performance, surpassing revenue expectations and achieving record financial results. The company's all-flash array portfolio has significantly contributed to this growth, with a 17% year-over-year increase in revenue, reaching an annualized rate of $3.6 billion.
NetApp's Storage-as-a-Service solution, Keystone, has also seen substantial growth, doubling its total contract value to nearly $150 million. With strong operating margins and cash flow, NetApp is set to continue its shareholder-friendly policies, including an increased dividend and an additional $1 billion in share repurchases. The company is optimistic about future growth, particularly in enterprise AI and cloud storage services.
Key Takeaways NetApp's all-flash array revenue hit a $3.6 billion annualized run rate, a 17% increase YoY. Keystone, NetApp's Storage-as-a-Service offering, experienced a 100% growth in total contract value.
The company reported record operating profit margin and cash flow, with a 76% YoY increase in free cash flow. NetApp anticipates total revenue for fiscal year 2025 to be between $6.45 and $6.
65 billion, with an EPS range of $6.80 to $7.00.
The quarterly dividend and share repurchase authorization have been increased, reflecting a strong shareholder return policy. Company Outlook NetApp expects continued growth and market share gains in fiscal year 2025. The company is optimistic about t.
