NetApp reports $5.1B in 2011 revenue

NetApp expects to grow revenue by 26% to 34% next year

NetApp today reported its fourth quarter financial results as well as for all of fiscal year 2011, stating that it took in more than $1 billion more in revenue this year over last.

Revenues for fiscal year 2011 totaled $5.1 billion compared to revenues of $3.9 billion for fiscal year 2010.

The storage vendor's total revenue for the fourth quarter was $1.4 billion, compared with $1.1 billion for the fourth quarter of 2010. GAAP net income was $160 million, compared to $145.1 million year-over-year in the fourth quarter.

GAAP net income for fiscal year 2011 was $673.1 million, or $1.71 per share, compared to GAAP net income of $400.4 million

"NetApp delivered 30% revenue growth, 38% growth in cash from operations ... during fiscal 2011. We achieved the largest market share gains in our history and closed a record number of million dollar deals," NetApp CEO Tom Georgens said in a statement.

The storage vendor estimates revenue for the first quarter of fiscal year 2012 to be approximately $1.5 billion, plus or minus 3%, which equates to approximately 2% to 8% sequential revenue growth and approximately 26% to 34% year over year revenue growth.

During the fourth quarter, NetApp entered into a $480 million definitive agreement to purchase the Engenio external storage systems business from LSI Corp.

Engenio would give NetApp a foothold in emerging and fast-growing market segments such as video, including full-motion video capture and digital video surveillance.

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