SANTA CLARA, Calif. -- Data Domain, Inc. (Nasdaq: DDUP) today announced results for its fourth quarter ended December 31, 2007. Net revenue for the fourth quarter of 2007 was $44.9 million, an increase of 40% from the third quarter of 2007 and an increase of 151% from the fourth quarter of 2006. Net revenue for the year ended December 31, 2007 was $123.6 million, an increase of 166% from the year ended December 31, 2006.
Data Domain posted a GAAP net loss for the fourth quarter of 2007 of $76,000, or $0.00 per share. This compares to a GAAP net loss of $880,000, or $0.02 per share in the immediately preceding third quarter of 2007, and a GAAP net loss of $2.4 million, or $0.32 per share in the fourth quarter of 2006.
Excluding the impact of stock-based compensation and related taxes in all periods, the non-GAAP net income for the fourth quarter of 2007 was $5.1 million, or $0.10 per basic share and $0.08 per diluted share, compared to a non-GAAP net loss of $1.8 million, or $0.25 per basic and diluted share, in the fourth quarter of 2006.
"In the fourth quarter of 2007, Data Domain again achieved record revenues and accelerated its rate of new customer acquisitions," said Frank Slootman, president and chief executive officer of Data Domain. We added approximately 341 new customers during the quarter, up from 228 the previous quarter, bringing our cumulative customer count to approximately 1,537 worldwide. Enterprise data growth is in large measure fueled by a persistent redundancy caused by sharing and evolving the underlying data. Data Domain storage seamlessly filters out these repeated data patterns while the data is making its way to disk, thereby drastically reducing the capacity foot print needed to store and protect application data. Our progress in Q4 reflects increasing penetration and acceptance of this new class of storage in enterprise data centers around the world.
Data Domain Inc.