NetApp Q2 figures show buoyancy in storage

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NetApp Q2 figures show buoyancy in storage

Microscope contributor


Those operating in the storage world have always known that with data growing and compliance regulations fuelling tighter backup strategies that the market looks relatively stable.

The latest to confirm that the storage world continues to be a bright spot in the general gloom is NetApp which surprised Wall Street with better than expected figures for its second quarter for its fiscal 2009.

The vendor produced revenues of $912m up from last year's $792m, which exceeded expectations, although net profit dropped to $49.2m from $83.8m. The share price rose following the results as analysts had predicted revenues of around $905m.

But the vendor opted not to provide any formal future outlook guidance blaming the turbulent state of the economy.

In a statement Dan Warmenhoven, chairman and CEO of NetApp, said that it had delivered solid revenue “despite a challenging economic environment” and it expected more business as users looked to reduce their storage costs.

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