FAS revenues still account for the bulk of earnings. Kurian continues to spin the top so it doesn't fall over. He will pull the layoff lever before end of Q4. Better job of engineering the balance sheet than product.
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Why would you want to work for a company that aspires for mediocrity. NTAP was NVDA at one point. Now it's SUN Microsystems.
Who has a better cloud portfolio? If FAS revenues are still the bulk, what does that tell you? It tells me that customers still want and need on-prem. That will always be the core of earnings.
Look at the financials yall – NetApp spends more on sales and marketing than they do on engineering. Let that sink in.
The number of meetings at NetApp and the disconnect between employees are mind-boggling - There are two sets of people - 1) People who are very comfortable with their job and hardly willing to share their knowledge for the betterment of the team. 2) People who see NetApp as a staging company for their next big gig.
Pure up after similar earnings and NetApp down. That says it all. Investors and customers want innovation and growth not stagnation.
The company has not grown in a decade. The goal was 15 billion in 5 years when this earnings level was reached 15 years ago. We are still at 6 billion in 15 years. Do the math. Only the stock is higher because of buybacks, layoffs and asset sales.
Nothing wrong with the quarter or guide.
Company is on a slow turnaround. Despite slow growth they are beating their own projections. Good value stock that pays dividends.
Don’t expect wonders like NVDA.