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NetApp Recurring Revenue Jumps 189%

August 15, 2019

Storage vendor’s strategy to shift more revenue to services pays off as legacy models decline

The revised guidance by NetApp on its first quarter’s financial performance came in right on the money, with net revenue tallying $1.24 billion for the first three months of its 2020 fiscal year. The real standout story, though, is the spike in recurring revenue, as service-based product sales jumped 189% year over year.