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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