NetApp Profits Double Thanks to Cloud
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It may not have won the battle to purchase Data Domain and doesn't quite enjoy the limelight of EMC, but NetApp is still a major player in the storage market. With the recovery taking place in the server market, and growing interest in cloud computing and virtualization, NetApp rode a fantastic wave to its best full year in a decade. InfoStor has the details.
Once again, NetApp (NSDQ: NTAP) exceeded expectations with its fiscal fourth quarter and fiscal year 2010 earnings report today, setting records in revenue, income from operations and net income per share. In fact, GAAP net profit more than doubled in the fourth quarter to $145.1 million, vs. $68.4 million in Q4 2009.
Revenue for NetApp's fourth fiscal quarter was $1.17 billion. That compares to $880 million in the same period last year.
For fiscal year 2010, NetApp racked up revenue of $3.93 billion, an increase of 15% compared to GAAP revenues of $3.41 billion in fiscal 2009. Net income for the year was $400 million, compared to only $65 million in fiscal 2009.