NetApp has cemented its position as a billion-dollar storage vendor with the publication of its fourth-quarter financial results.
The figures show that NetApp ended its financial year to 30 April with revenues totalling £1.17bn, having initially broken through the billion dollar barrier in Q3.
The vendor’s GAAP net income increased from $68m (£47m) last year to $145m in Q4 2009, with NetApp citing the popularity of cloud computing and virtualisation as key growth drivers.
Tom Georgens, president of NetApp, said: "The server virtualisation and cloud computing trends are driving significant business for us, as our competitive advantages in those areas lead more customers to choose NetApp.”
According to the company’s full-year results, NetApp’s GAAP revenue was up by 15 per cent on last year at $3.93bn. The firm’s GAAP net income has also rocketed by $335m this year to $400m.
Georgens hailed NetApp’s financial performance during 2009 as record-breaking.
“NetApp has significantly outperformed the competition,” he said. “With accelerating revenue growth every quarter, we culminated our fiscal year with record levels of revenue, earnings per share, and free cash flow."
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