Our all-flash array business decreased 4% from Q4 a year ago to an annualized revenue run rate of $3.1 billion. Q4 Hybrid Cloud segment revenue of $1.4 billion was down 8% year-over-year and up 4% sequentially. We remain committed to maintaining operational discipline as we move through FY ’24 adjusting as appropriate to drive operating margin expansion and EPS growth, while also continuing to invest for the long term. As a reminder, the focus areas are: remain prudent stewards of the business tightly managing the elements within our control reinvigorate efforts across the company in support of our storage systems business and build a more focused approach to our public cloud business.Īs you can see from our Q4 and FY ’23 results, we have demonstrated success in managing the elements within our control and staying flexible to adapt to the ever-changing environment. On our last call, I outlined our three areas of focus to sharpen our execution to better deliver results, while at the same time, positioning ourselves for long-term success. We increase our relevance and value, and we continue to introduce new innovations to deliver greater customer value, further strengthening our position. We are participating in the areas of priority spending with a modern approach to hybrid multi-cloud infrastructure and data management by providing customers with the ability to leverage data across their entire estate with simplicity, security and sustainability. This drives our confidence in the health of our market and future growth opportunity despite the temporary macro headwind. Digital transformation projects involving business analytics, AI, data security and application modernization, both on-premises and in the cloud, remain top priorities for IT organizations. For FY ’23, we delivered record high annual operating margin and EPS despite the slow demand environment and relatively flat revenue from fiscal year ’22.Įven as customers are tightening their budgets in response to the macro, they are not stopping investments in applications and technologies that drive business productivity and growth. We delivered revenue above the midpoint of our guidance with disciplined operational management yielding all-time high quarterly operating margin and EPS above expectations. Our Q4 results reflect solid execution in the face of ongoing macroeconomic challenges. Welcome, everyone, to our fourth quarter FY ’23 call. Reconciliations of GAAP to non-GAAP estimates are available on our website.
#Meta materials earnings date update
We disclaim any obligation to update our forward-looking statements and projections.ĭuring the call, all financial measures presented will be non-GAAP unless otherwise indicated. For more information, please refer to the documents we file from time to time with the SEC and on our website, including our most recent Form 10-K and Form 10-Q. These statements are subject to various risks and uncertainties, which may cause our actual results to differ materially. This call is being webcast live and will be available for replay on our website at .ĭuring today’s call, we will make a number of forward-looking statements and projections with respect to our financial outlook and future prospects, including without limitation, our guidance for the first quarter and fiscal year 2024, our expectations regarding future revenue, profitability and shareholder returns and other growth initiatives and strategies. With me today are our CEO, George Kurian and CFO, Mike Berry. I would now like to turn the conference over to Kris Newton, Vice President of Investor Relations. Please note this event is being recorded. Good day, and welcome to the NetApp Fourth Quarter and Fiscal Year 2023 Earnings Call. Analystĭavid Vogt - UBS Investment Bank - Analyst Simon Leopold - Raymond James & Associates, Inc. Nehal Chokshi - Northland Capital Markets - Analyst Timothy Long - Barclays Bank PLC - Analyst
Samik Chatterjee - JPMorgan Chase & Co - Analyst Michael - Wells Fargo Securities, LLC - Analyst Mike Berry - Executive Vice President, Chief Financial Officer Analysts:
Kris Newton - Vice President, Investor Relations NetApp Inc ( NASDAQ: NTAP) Q4 2023 earnings call dated May.
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