NetApp is seen riding a wave of growing corporate IT spending, including stronger demand for data storage products as companies embrace cloud computing which allows businesses to access computing power through a network instead of in-house data centers.
Companies are also embracing virtualization which enables them to tap disparate computer systems on their premises or in hosted data centers as one network and use that computing capacity based on needs.
NetApp reported fiscal fourth-quarter income of $145.1 million, or 40 cents a share, compared with a profit of $68.4 million, or 21 cents a share, for the year-earlier period. Revenue rose to $1.17 billion from $879.6 million. Adjusted income was 50 cents a share.
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