Feeds

NetApp raises expectations on Q1 results

Flies through financial check-up

Mobile application security vulnerability report

NetApp has posted healthy Q1 2007 financials, with a 39 per cent increase in revenues. The only blip was a small profits slide.

The network attached storage specialist clocked up $621.29m in revenues, compared to $448.40m for the same period a year ago, it said Wednesday. On a GAAP basis, net income was $54.67m, or $0.14 per share, down on $60.10m, or $0.16 per share for Q1 2006.

The company's reporting of stock option expenses was behind the dent in GAAP profits. Irregularities in the reporting of stock option expenses triggered the massive SEC probe tearing through Silicon Valley.

NetApp CEO Dan Wamenhoven has criticised the investigation, although the firm is not on the SEC's list.

On a non-GAAP basis, profits were up to $96.6m from $62.1m. The non-GAAP earnings per share figure beat analyst estimates of $0.23 by two cents.

Wamenhoven said: "NetApp delivered another strong quarter, driven by strong growth in every region of the world. Our new products and new relationships are gaining momentum and our business with enterprise customers reached record levels."

The firm uprated its revenue growth guidance for the year from the 28 per cent to 30 per cent range given in July, to 32 per cent to 34 per cent.

At time of writing, NetApp shares were steady in early Thursday trading. ®

Bridging the IT gap between rising business demands and ageing tools

More from The Register

next story
THUD! WD plonks down SIX TERABYTE 'consumer NAS' fatboy
Now that's a LOT of porn or pirated movies. Or, you know, other consumer stuff
EU's top data cops to meet Google, Microsoft et al over 'right to be forgotten'
Plan to hammer out 'coherent' guidelines. Good luck chaps!
US judge: YES, cops or feds so can slurp an ENTIRE Gmail account
Crooks don't have folders labelled 'drug records', opines NY beak
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
FLAPE – the next BIG THING in storage
Find cold data with flash, transmit it from tape
Seagate chances ARM with NAS boxes for the SOHO crowd
There's an Atom-powered offering, too
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.