NetApp Announces $1 Billion Stock Buyback Authorization

NetApp announced a new share repurchase authorization of an additional $1 billion


NetApp, a leading provider of hybrid cloud data services, has reported its financial results for the fourth quarter and fiscal year 2023. The company achieved net revenues of $1.58 billion for the fourth quarter and $6.36 billion for the fiscal year, demonstrating solid performance amidst a dynamic business landscape. Alongside its impressive financial achievements, NetApp introduced innovative solutions and received recognition for its storage offerings. Furthermore, the company returned significant value to shareholders, leading to the announcement of a new share repurchase authorization of an additional $1 billion.

Impressive Fiscal Year 2023 Results

NetApp's fiscal year 2023 was marked by remarkable accomplishments. The company's GAAP net income per share increased by 42% year over year, reaching $5.79, while non-GAAP net income per share grew by 6% year over year, amounting to $5.59. These positive figures demonstrate NetApp's ability to generate consistent profitability and shareholder value. Notably, the company returned $1.28 billion to shareholders during the fiscal year, representing 116% of cash from operations and 148% of free cash flow.

Stock Buyback Announcement

NetApp's strong financial performance and commitment to generating value for shareholders have led to the announcement of a new share repurchase authorization. The company has authorized an additional $1 billion for stock buybacks, reflecting its confidence in its long-term growth prospects and the potential for increasing shareholder value.

Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.

Free Trial: Signup for 1 Free Alert Per Week

Add your email to get alerts & the report.

Get 1 free alert per week via email

Upgrade if you want more or platform access

We'll also send you a free report

or Click Here to get full access now

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.