NetApp posts $1.42bn Q218 revenues, CEO says company ‘substantially outpacing’ competition

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NetApp has disclosed its most recent financial figures – revenues of $1.42 billion (£1.07bn) for Q218, up 6% year over year with CEO and president George Kurian telling analysts the company ‘continues to substantially outpace the growth of the all-flash array market and competitors’.

Alongside the total quarterly revenues, NetApp posted a GAAP net income of $175 million, up from $109m this time last year, with predicted net revenues to be in the range of $1.425bn and $1.575bn in the third quarter of fiscal 2018.

Wall Street appeared more than pleased with the results, with NetApp’s stock rising to its highest in almost six years following the announcement. Writing for The Motley Fool, Anders Bylund said NetApp’s stock jump was a ‘surprise’, adding that strong sales of flash-based storage arrays and cloud-based data analytics tools were key to its success.

“Unlike competitors’ approaches, which are siloed and do not embrace the cloud, we help organisations unify their data across the widest range of cloud and on-premises environments to realise its full value for competitive advantage,” Kurian told analysts. “Data is at the heart of companies’ digital transformation, and we are winning because we are enabling customers’ success through data.

“No one matches our expertise in data management, our leadership in growing market segments and our open ecosystem approach,” added Kurian. “Our advantage is the result of decades of software-based innovation, strategic focus and the ability to partner effectively.”

Among the company’s highlights in the most recent quarter included a partnership with Microsoft, powering Microsoft Azure’s enterprise network file system (NFS) service, updating Data Fabric, its solution to move and integrate data management across cloud and on-premises, and a customer win in the form of US public health information exchange Healthix.

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