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NetApp Inc. (NASDAQ:NTAP) reported worse-than-expected Q4 results and issued weak Q1 guidance.
Net revenues came in at $6.15 billion, increasing 4% year-over-year from $5.92 billion in fiscal 2018
GAAP net income was $1.17 billion, compared to GAAP net income of $116 million in fiscal 2018; non-GAAP net income of $1.17 billion, compared to non-GAAP net income of $983 million in fiscal 2018
NTAP reported GAAP net income per share of $4.51, compared to GAAP net income per share of $0.42 in fiscal 2018; non-GAAP net income per share of $4.52, compared to non-GAAP net income per share of $3.56 in fiscal 2018
Cash from operations registered at $1.34 billion, compared to $1.48 billion in fiscal year 2018
What's more, the company returned $2.51 billion to shareholders through share repurchases and cash dividends
CEO George Kurian said, "Despite the modest shortfall relative to our fiscal year 2019 expectations, we made significant progress in the strategic markets of all-flash, private cloud, and cloud data services. Our Data Fabric strategy clearly differentiates us from our competitors.
"Enterprises are choosing NetApp to be a strategic partner in their digital transformations. Our opportunity is large and growing, and we are moving quickly to improve our execution."
In the first quarter of fiscal 2019, NetApp adopted Revenue from contracts with customers using the full retrospective method of adoption.
Accordingly, NetApp's condensed consolidated balance sheet as of April, 2018, condensed consolidated statements of operations and cash flows for all fiscal 2018 periods presented, and all related financial statement metrics included herein, have been restated to conform to the new rules.
Shares ducked $6.93, or 10.3%, to $60.17
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