NetApp releases transcript of Q1 fiscal 2027 earnings call
NTAP•Q1 results and call participants
NetApp fiscal Q1 2027 earnings call drew CEO George Kurian, CFO Wissam Jabre, IR VP Kris Newton, and analysts from JPMorgan, Susquehanna, Evercore, and Citi.
Q1 revenue was $2.03 billion, up 30% year over year; non-GAAP EPS was $2.58, up 66%; and operating margin was 31.9%.
Demand trends and recent acquisitions
Management cited AI-driven infrastructure modernization as a demand driver, with about 350 AI and data lake modernization deals in Q1.
Public cloud revenue was $206 million, up 28%; all-flash array revenue was $1.31 billion, up 47%; and pricing actions were flowing through faster than past cycles.
NetApp acquired Data Pelago in Q1 for in-place AI data processing and acquired Jetstream early in Q2 for VMware disaster recovery into cloud offerings.
Raised full-year outlook and Q2 guidance
NetApp raised its FY 2027 outlook to:
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