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NetApp’s revenues dip two percent to US$1.75 billion

NetApp’s revenues dip two percent to US$1.75 billion

NetApp's revenues in the six-month period of the fiscal year dropped two percent to US$1.75 billion, the company's quarterly financial report stated.

The contraction in the second quarter ended October 2009 prevented revenues in the first two quarters from matching the US$1.78 billion earned by NetApp in the same period of fiscal year 2009.

Revenues of the storage solutions provider in the second quarter of fiscal year 2010 fell to US$910 million from US$912 million in the same period a year ago.

Cumulatively, NetApp's GAAP (generally accepted accounting principles) net income in the first six months of the current fiscal year amounted to US$147 million, or US$0.43 per share. In the same period last fiscal year, GAAP net income stood at US$78 million, or 23 US cents per share.

Non-GAAP net income in the first half of the current fiscal year reached US$206 million, or 60 US cents per share. In the prior period, non-GAAP net income registered US$168 million, or 50 US cents per share.

On a quarterly basis, NetApp's GAAP net income posted US$96 million, or 27 US cents per share1. This is compared to US$43 million or 13 US cents per share in the same period in the previous year.

Also in the second quarter, non-GAAP2 net income of US$130 million, or 37 US cents per share, rose from US$92 million, or 28 US cents per share.

Forecast

"Our value proposition resonates particularly well with customers who look to gain efficiency and streamline operations as they begin to build out their next-generation virtualised data centres," said Tom Georgens, NetApp president and chief executive officer.

Georgens added that because of this demand, the company is forecasting "record revenues" in the next fiscal quarter following the introduction of its cloud strategy in the second quarter.

NetApp estimated that revenue in the third quarter will fall within the range of US$935 million to US$955 million.

An increase by five million shares is also predicted on the share count.

GAAP earnings per share (EPS) will fall to 24-25 US cents, while non-GAAP EPS is forecast to value from 36-37 US cents.


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