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.
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.
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.
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