NetApp, a company specializing in on-premises data storage systems and public cloud services, is gearing up to announce its Q3 FY’24 results later this month. Analysts anticipate the company's revenues for the quarter to reach around $1.6 billion, slightly surpassing expectations and showing a 4% increase from the previous year. Earnings are projected to be approximately $1.69 per share, aligning with consensus estimates.
NetApp's Hybrid Cloud business has faced challenges recently due to reduced IT spending and cost-cutting measures by large corporations. In Q2 FY’24, the company experienced a 6% year-over-year decline in revenue, dropping to $1.56 billion from $1.66 billion in FY’23, with adjusted earnings remaining relatively stable. The Hybrid Cloud segment saw a decrease in revenue to $1.41 billion compared to $1.52 billion in the same period last fiscal year. However, there is optimism that this trend may reverse slightly in Q3’FY’24, with the public cloud business expected to continue its growth trajectory.
