NetApp reports strong earnings despite supply issues

NetApp's third-quarter earnings report was defined by a major revenue boost, hindered by poor component supply.On Wednesday the storage hardware company reported revenues of $1.

NetApp's third-quarter earnings report was defined by a major revenue boost, hindered by poor component supply.

On Wednesday the storage hardware company reported revenues of $1.268bn (£786m) for the quarter, up 25 percent year-on-year and five percent on the previous quarter. Net income was $172m, compared with $108m for the same period one year ago.

"We have experienced the fastest uptake for a new product in the history of the company and as a result, demand has exceeded the available supply of our new FAS3200 systems," Tom Georgens, NetApp's chief executive, said in a statement. "We are committed to catching up to the demand as quickly as possible."

On an analyst call discussing the results, Georgens said supply was constrained primarily due to shortages around the input/output expansion module for the FAS3200 and certain semiconductor components.

In the quarter the company shipped 565 petabytes worth of storage, compared with 326 petabytes in the previous year. The company shipped more ATA and SAS drives compared to the previous year and fewer Fibre Channel drives.

Newsletters

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All