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NetApp Reports Mixed Bag of Results

Faced with fierce competition in both the SAN and NAS markets, NetApp is bulking up its sales force after reporting flat profits in its fourth quarter results last night.

The vendor reported earnings of 26 cents per share on net income of $89.8 million, compared to 23 cents and net income of $89.6 million in the fourth quarter of 2007.

On a non-GAAP basis, NetApps earnings were 38 cents per share on net income of $131 million, up from 30 cents and $114 million in the same period last year. Analysts had estimated earnings of 36 cents.

NetApp’s fourth quarter revenues were $938 million, up from $801 million in the same period last year, and only slightly below with analyst estimates of $938.1 million.

For the fiscal year, the vendor reported revenues of $3.3 billion, up from $2.8 billion in the prior year, and in line with analyst estimates.

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