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November 18, 2010

NetApp Q2 revenue up 32%

Operating income up 71% to $197.4m

By CBR Staff Writer

NetApp, a provider of storage and data management offerings, has reported revenue of $1.2bn for the second quarter of fiscal year 2011, an increase of 32% as compared to $910m of the same period last year.

The company posted an operating income of $197.4m for the second quarter of fiscal 2011, an increase of 71% compared to an operating income of $115.4m of Q2 FY10.

For the second quarter of fiscal 2011, NetApp reported a net income of $165m or $0.42 diluted EPS, compared to net income of $96m or $0.27 diluted earnings per share of the same period in the prior year.

The company’s product revenue increased to $780m from $525.1m, software entitlements and maintenance revenue increased to $178m from $170m and services revenue rose to $250m.

NetApp president and CEO Tom Georgens said the company produced 49% year-over-year growth in product revenue and their highest non-GAAP operating margin in over a decade, while simultaneously investing aggressively in their future.

"By offering customers a more flexible and efficient alternative to traditional storage, NetApp further strengthened our leadership position as the platform of choice for the next generation of IT infrastructure," Georgens said.

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NetApp expects revenue for the third quarter of fiscal year 2011 to be in the range of $1.24bn and $1.29bn and earnings per share to range between $0.39 and $0.41.

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