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View Financial Tables (PDF)
Net Revenues of $1.29 Billion for the First Quarter
Sunnyvale, Calif.—August 17, 2016—NetApp (NASDAQ: NTAP) today reported financial results for the first quarter fiscal year 2017, ended July 29, 2016.
First Quarter Financial Results
Net revenues for the first quarter of fiscal year 2017 were $1.29 billion. GAAP net income for the first quarter of fiscal year 2017 was $64 million, or $0.23 income per share, compared to GAAP net loss of $30 million, or $0.10 loss per share, for the comparable period of the prior year. Non-GAAP net income for the first quarter of fiscal year 2017 was $129 million, or $0.46 income per share, compared to non-GAAP net income of $89 million, or $0.29 income per share, for the comparable period of the prior year.
Cash, Cash Equivalents and Investments
NetApp ended the first quarter of fiscal year 2017 with $4.4 billion in total cash, cash equivalents and investments. During the first quarter of fiscal year 2017, the Company generated $228 million in cash from operations and returned $228 million to shareholders through share repurchases and a cash dividend.
The Company announced the next cash dividend of $0.19 per share. The quarterly dividend will be paid on October 26, 2016, to shareholders of record as of the close of business on October 7, 2016.
“We are pleased with our first quarter results. Our focus on disciplined execution of our strategy is yielding results and starting to change the trajectory of our business,” said George Kurian, chief executive officer. “We remain sharply focused on operating more efficiently while delivering market-leading innovations that are aligned to our customers' business and IT transformation priorities.”
Q2 Fiscal Year 2017 Outlook
The Company provided the following financial guidance for the second quarter of fiscal year 2017:
Webcast and Conference Call Information
NetApp will host a conference call to discuss these results today at 2:30 p.m. Pacific Time. To access the live webcast of this event, visit the NetApp Investor Relations website at investors.netapp.com. In addition, this press release, historical supplemental data tables, and other information related to the call will be posted on the Investor Relations website. An audio replay will also be available on the website after 4:30 p.m. Pacific Time today.
Leading organizations worldwide count on NetApp for software, systems and services to manage and store their data. Customers value our teamwork, expertise and passion for helping them succeed now and into the future. To learn more, visit www.netapp.com.