"NetApp Soars to 23-Year High Amid Revenue Surge and Raised Guidance"
NetApp's Q3 FY24 revenue surged 5% to $1.6 billion, driven by record all-flash array sales and profits of $313 million. CEO George Kurian attributes the success to the momentum of their expanded all-flash product portfolio and operational discipline. The company's lower cost all-flash arrays outperformed competitors, leading to a sustainable step-up in product gross margin. Despite a minor revenue lift in the public cloud business, NetApp is focusing on first-party and hyperscaler marketplace storage services for growth. The company raised its full-year revenue outlook and is confident in its ability to capitalize on market opportunities.