NetApp reveals how innovations assist in meeting revenue target of $6.65 bn

NetApp, the intelligent data infrastructure company, has revealed how its product innovations will assist in meeting revenue target of $6.45 billion – $6.65 billion for fiscal 2025.
NetApp segment revenue fiscal 2024NetApp CEO George Kurian said: “In fiscal year 2025, we will remain laser focused on our top priorities of driving growth in all-flash and cloud storage services while maintaining our operational discipline.”

NetApp implemented a plan to enhance the performance of storage business and build a more focused approach to the Public Cloud business.

This plan has yielded tangible results, and value proposition is resonating strongly in the marketplace. Customers are increasingly turning to NetApp to help them build intelligent data infrastructures and leverage the power of public and hybrid clouds for data intensive workloads like AI.

NetApp has reported revenue of $1.67 billion (up 6 percent) for the fourth quarter and fiscal year 2024, which ended on April 26, 2024, compared to $1.58 billion in the fourth quarter of fiscal year 2023.

NetApp has generated Hybrid Cloud revenue of $1.52 billion vs $1.43 billion and Public Cloud revenue of $152 million vs $151 million.

NetApp’s billings reached $1.81 billion compared to $1.67 billion.

NetApp Public Cloud annualized revenue run rate (ARR) reached $630 million compared to $620 million.

NetApp’s all-flash array ARR reached $3.6 billion compared to $3.1 billion. Flash accounts for 60 percent of hybrid cloud revenue.

INNOVATIONS

NetApp delivers an integrated portfolio of unified data storage solutions based on one operating system, ONTAP, supporting any application, any data type, and spanning on-premises and multiple cloud environments.

In Q1 of FY25, NetApp unveiled new all-flash A-series data storage products, offering more performance and density at a lower cost than the previous A-series generation. These products set a new standard for enterprise storage. The AFF A-series, coupled with C-series and TAMexpanding ASA products, position NetApp to further increase share in the all-flash market.

Keystone, NetApp’s Storage-as-a-Service offering, was a highlight. NetApp’s Keystone provides cloud-like management for hybrid cloud resources in a single subscription with flexible multiyear contracts. Integrated service level assurance, with performance, availability, ransomware recovery, and sustainability guarantees, is the differentiator.

This has enabled NetApp to accelerate growth by displacing competitors’ STaaS subscriptions, winning new Keystone subscriptions, and expanding existing ones.

FY24 total contract value sales of Keystone more than doubled from the prior year to almost $150 million. NetApp expects this momentum to continue and that FY25 will be another significant growth year for Keystone.

In Q4, NetApp introduced NetApp AIPod with C-series capacity flash systems, delivering a new level of cost/performance, rack space utilization, and sustainability. NetApp updated FlexPod AI reference architectures to support the NVIDIA AI Enterprise software platform, giving customers an end-to-end blueprint to efficiently design, deploy, and operate AI infrastructure.

In Q4, NetApp increased the performance of Amazon FSx for NetApp ONTAP. NetApp also introduced a new service level for Google Cloud NetApp Volumes, giving customers more granular control to match the capacity and performance needs of their cloud workloads.

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