Feeds

NetApp raises expectations on Q1 results

Flies through financial check-up

Choosing a cloud hosting partner with confidence

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. ®

Security for virtualized datacentres

More from The Register

next story
It's Big, it's Blue... it's simply FABLESS! IBM's chip-free future
Or why the reversal of globalisation ain't gonna 'appen
'Hmm, why CAN'T I run a water pipe through that rack of media servers?'
Leaving Las Vegas for Armenia kludging and Dubai dune bashing
Bitcasa bins $10-a-month Infinite storage offer
Firm cites 'low demand' plus 'abusers'
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
Pssst. Want to buy a timeshare in the clouds?
The Google dilemma — controller or spreader of knowledge?
CAGE MATCH: Microsoft, Dell open co-located bit barns in Oz
Whole new species of XaaS spawning in the antipodes
Microsoft and Dell’s cloud in a box: Instant Azure for the data centre
A less painful way to run Microsoft’s private cloud
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.