NetApp, Inc. (NTAP) stock is higher today after the company reported earnings for the second quarter of fiscal year 2022.
The cloud data storage provider posted GAAP net income per share of $0.98, compared to $0.61 in the second quarter of fiscal year 2021.
Net revenues for the second quarter also grew 11% year-over-year to $1.57 billion.
Consumer Demand
Speaking on the quarterly results, George Kurian, NetApp CEO, commented, “We delivered another strong quarter, with results all at the high end or above our guidance. Our performance reflects a strong demand environment, a clear vision, and exceptional execution by the NetApp team."
NetApp surpassed expectations in a number of key verticals. Product revenue grew 9% year-over-year to $814 million, while billings increased 7% year-over-year to $1.55 billion.
Breaking down the company's revenue stream, NetApp's Hybrid Cloud segment revenue rose to $1.48 billion, compared to $1.37 billion in the second quarter of fiscal year 2021.
The company's Public Cloud segment also saw a significant increase, jumping to $87 million from $47 million in the same period last year.
Expanding Market Footprint
NetApp also formed a number of partnerships last quarter with major players in the cloud storage space.
Earlier in the quarter, NetApp and Amazon Web Services announced the release of Amazon FSx for NetApp ONTAP, a native AWS managed service that’s powered by NetApp ONTAP software and is available around the world.
Google Cloud also recently announced that NetApp will serve as the primary data and storage vendor for its new Google Distributed Cloud Hosted offering.
Kurian commented, “We are gaining share in the key markets of all-flash and object storage, while rapidly scaling our public cloud business."
"Our industry-leading innovation and unique and deep cloud partnerships position us well to capitalize on significant opportunity ahead.”
