NetApp has announced its financial result and key achievements in its first quarter of fiscal year 2024.
NetApp’s revenues rose 8 percent to $1.54 billion.
NetApp’s Hybrid Cloud revenue grew 7.8 percent to $1.38 billion.
NetApp’s Public Cloud revenue increased 3 percent to $159 million, driven by hyperscaler first party and marketplace storage services.
NetApp’s billings rose 12 percent to $1.45 billion.
NetApp’s all-flash array ARR has increased 21 percent to $3.4 billion.
Product revenue rose 13 percent to $669 million.
Support revenue grew 3 percent to $631 million.
NetApp expects Q2 revenue to range between $1.565 billion and $1.715 billion.
NetApp expects fiscal 2025 revenue between $6.48 billion and $6.68 billion, compared with its prior projection of $6.45 billion and $6.65 billion.
AI focus
NetApp AIPod, its AI-optimized tool, provides infrastructure for organizations’ highest-priority AI projects, including training and inferencing.
NetApp has revealed that it had over 50 AI and data lake modernization wins. A leading oil and gas company has selected NetApp for its AI and high-performance compute workloads.
NetApp says its all-flash storage will power the customer’s AI environment, servicing more than 40,000 CPU cores and GPU’s which run simulations and 3D virtualization workloads.
A leading financial services institution has selected NetApp to consolidate petabytes of data into a single data lake for AI and analytics workloads including fraud detection, credit scoring, and portfolio management and improving the productivity of their data scientists.
“Both instances are examples of how our understanding of and experience in AI workloads together with our intelligent data infrastructure platform help drive preference for NetApp infrastructure to service their growing AI requirements,” NetApp CEO George Kurian said.
NetApp, in partnership with Lenovo, announced a full-stack OVX system, optimized for GenAI and designed to support RAG. Additionally, NetApp introduced new capabilities designed for cloud AI workloads.
NetApp integrated the NetApp GenAI toolkit with Microsoft Azure NetApp Files, giving customers the ability to generate high-quality, and ultra-relevant results from GenAI projects by combining their proprietary data with pre-trained, foundational models.
In partnership with AWS, NetApp released a reference architecture for Amazon Bedrock to help customers implement RAGenabled workflows that bring proprietary data stored on Amazon FSx for NetApp ONTAP into their GenAI data pipelines.
“GenAI is a hybrid workload and only NetApp has the breadth of products and services to reduce the complexity, resources, and risks for customers in managing these strategic workloads across increasingly complex hybrid multicloud environments,” George Kurian said.
NetApp enhanced the capabilities of AWS FSx for NetApp ONTAP, boosting scalability and performance to address evolving business needs.
Microsoft recognized the unique value NetApp and CapGemini bring with its 2024 Partner of the Year award in the “Migration to Azure” category for their work in moving a large Asian retail customer to Azure, which included Azure NetApp Files.
Baburajan Kizhakedath
