Data storage pioneer NetApp Inc. posted strong fiscal fourth-quarter financial results today, beating analysts’ expectations thanks to sustained growth in its public cloud services offerings.
The company reported a profit before certain costs such as stock compensation of $1.17 per share on revenue of $1.56 billion for the quarter, up from $1.4 billion in sales in the year-ago period. That was not a bad performance, coming in just above Wall Street’s model of $1.12 per share in earnings and $1.5 billion in revenue. For the full year, NetApp posted total revenue of $5.74 billion.
NetApp Chief Executive George Kurian (pictured) told shareholders that the quarter capped off a solid year of growth for the company.
“Our momentum underscores our value to customers in a hybrid, multicloud world,” he said. “We are gaining share in key storage markets and our public cloud services are at a scale where they are positively