De-Dupe Drives Data Domain Growth
Vendor raises guidance and outlines roadmap after strong Q2 results
July 25, 2008
Buoyed by strong sales of its inline de-dupe offerings, Data Domain reported solid Q2 revenues last night posted revenues of $61.2 million, a 131 percent increase on the prior year, above analyst estimates of $58.2 million.
Data Domains earnings were 3 cents per share on net income of $1.7 million, compared to a loss of 12 cents per share and a net loss of $1.2 million in the same period last year.
On a non-GAAP basis, the vendor reported earnings of 10 cents per share on net income of $6.5 million, up from 9 cents per share and $900,000 in the second quarter of 2007. Analysts had estimated earnings of 1 cent.
Data Domain also raised its 2008 revenue guidance to between $250 million and $255 million, from its initial range between $225 million and $235 million.
“New customer adoption of our technology is continuing at a record pace -- this time last year we reported that we had passed 1,000 customers; we’re now more than double that mark,” said Frank Slootman, the Data Domain CEO, during a conference call last night. “We noted particular strength in the eastern U.S. and the financial services vertical.”Despite ongoing concerns about the economy, Slootman has not seen the spending slowdown experienced by some other storage vendors.