NetApp achieves Revenue Growth Up 9% YoY in Q1 Fiscal 2014
NetApp has reported its financial results for the first quarter of fiscal year 2014 ended July 26, 2013. The total revenues for the first quarter of fiscal year 2014 were $1.516 billion with an increase of 5% from the comparable period of the prior year. GAAP net income for the first quarter of fiscal year 2014 was $82 million, or $0.23 per share, compared to GAAP net income of $64 million, or $0.17 per share, for the comparable period of the prior year.
NetApp ended the first quarter of 2014 with $5.084 billion of total cash, cash equivalents and investments and during the quarter generated approximately $286 million in cash from operations. The company returned $900 million to shareholders during the quarter through share repurchases and a cash dividend.
NetApp delivered solid results and innovation with the latest release to our clustered Data ONTAP operating system. Despite an uneven macro environment, our branded business was strong, with 9% year-over-year growth. This is evidence of the tremendous value we are delivering to customers today and their confidence in our long-term strategy to enable them to navigate the future, said Tom Georgens, President & CEO, NetApp.
In its first quarter of fiscal year 2014, NetApp delivered technology innovation focussed on helping customers capitalize on cloud and mobility trends, while also strengthening its strategic relationships with industry-leading partners.
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