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NetApp Sales Up
Network Appliance Inc. (Nasdaq: NTAP) today credited its revenue increase last quarter to growth in data protection, iSCSI, and customers moving from attached to network storage (see NetApp Revenues Jump).
NetApp reported $375.2 million in revenue, up 36 percent from last year and 5 percent from last quarter. Income hit $58.4 million or $0.16 earnings per share, up 74 percent from last year and above its guidance and analysts expectations. According to Reuters, financial analysts expected NetApp revenue of $376.66 million and EPS of $0.14.
Although slightly missing Wall Streets lofty revenue expectations, NetApps revenue growth eclipsed even that of its NAS rival EMC Corp. (NYSE: EMC), which last month reported revenue increases of 34 percent year-over-year and 3 percent sequentially (see Tucci Touts ILM).
NetApp CEO Dan Warmenhoven told analysts that NearStore disk backup revenue increased 20 percent from last quarter and 100 percent from last year, and made up 17 percent of the companys revenue. He also said iSCSI received a boost from Windows-based customers and jumped significantly as customers shifted from DAS to networked storage. NetApp fabric-attached storage (FAS) systems that support Fibre Channel SANs, iSCSI SANs, and NAS also jumped and now make up 14 percent of NetApps product sales.
Our SAN business is growing, and our NAS business continues to grow and take market share along with it, Warmenhoven said. As you can see, Network App is benefitting from the highest growth segments of the storage market. We believe data protection, Windows, and NAS are gaining momentum in the market place.
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