NetApp's quarterly profits reach US$172mn

Thursday, February 17, 2011

US unified storage solutions provider NetApp (Nasdaq: NTAP) posted a net profit of US$172mn in its third fiscal quarter 2011, ended January 28, up from US$108mn in the year-ago period, the company said in a statement.

Revenues for the fiscal third quarter totaled US$1.27bn, an increase of 25% compared with US$1.01bn for the same period a year ago.

Revenues for the first nine months of fiscal year 2011 amounted to US$3.61bn, up 31% compared with US$2.76bn for the same period last fiscal year.

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"NetApp demonstrated momentum in the market again this quarter, with product revenue growth of 32% year-over-year, strong gross margins and continued market share gains," company president and CEO Tom Georgens said.

NetApp expects revenues for the fourth quarter of fiscal year 2011 to be around US$1.38bn.

According to previous press reports, the company is planning to conduct a feasibility study in early 2011 on starting production in Brazil.

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