NetApp grows by a quarter

Storage vendor's revenue flew up 25 per cent in its fiscal Q3

Storage vendor NetApp enjoyed a stellar third quarter, with revenue up 25 per cent on last year.

According to the vendor's latest set of financial results, NetApp's third quarter revenue rose from $1.012bn (£627m) in 2009 to $1.268bn this year.

The firm's Q3 GAAP net income peaked at $172m, which is $64m higher than last year.

In the nine months to 28 January, NetApp's revenue was up 31 per cent on 2010 and totalled $3.613bn. The firm's GAAP net income for the same period was $479m, which is $224m more than last year.

Tom Georgens, chief executive of NetApp, cited the recent launch of its mid-range FAS3200 storage system as a key factor in its third-quarter growth.

He said: "Our recent product launch further enhanced our competitive position and significantly surpassed our expectations.

"We have experienced the fastest uptake for a new product in the history of the company and demand has exceeded supply. We are committed to catching up to the demand as quickly as possible."

Looking ahead, the vendor predicts its Q4 revenue will show sequential growth of 11 per cent and be in the region of $1.380bn.