NetApp, a provider of storage and data management offerings, has reported revenue of $1.17bn for the fourth quarter of fiscal year 2010, an increase of 33% compared to $880m for the same period last year.
The company posted an operating income of $173m for the fourth quarter of fiscal 2010, compared to an operating income of $34m for the same period last year.
For the fourth quarter of fiscal 2010, the company posted net income of $145m, or $0.40 per share, compared to net income of $68.4m, or $0.21 per share for the same period in the prior year.
Product revenue rose to $758.8m from $506.2m, software entitlements and maintenance revenue increased to $173.8m from $164.6m, while services revenue was $239.2m compared to $209.5m in the same period a year ago.
For fiscal year 2010, revenues increased by 15% to $3.93bn, compared to $3.41bn in the same period last year. Net income was $400m, or $1.13 per share, compared to net income of $65m, or $0.19 per share for fiscal year 2009.
Tom Georgens, president and CEO of NetApp, said: “With 50% growth in product revenue this quarter, NetApp significantly outperformed the competition. With accelerating revenue growth every quarter, we culminated our fiscal year with record levels of revenue, earnings per share, and free cash flow.
“The server virtualization and cloud computing trends are driving significant business for us, as our competitive advantages in those areas lead more customers to choose NetApp storage efficiency solutions for larger and larger data center projects.”
NetApp expects revenue for the first quarter of fiscal year 2011 to be in the range of $1.1bn to $1.14bn and share count to increase by about 6 million shares.
