InternetNetApp Continues Storage's Strong Showing

Profit and revenue are up despite the downturn, yet Wall Street soured on the stock after lower-than-expected guidance.

Add NetApp to the list of enterprise technology companies who say the current macroeconomic climate isn't holding them back -- a list that suggests the slowdown isn't hitting the storage space as much as other IT sectors. During its earnings report yesterday, NetApp (NASDAQ: NTAP) said it continues to see increasing revenue in the quarter ahead, despite widespread reports of reduced IT expenditures by customers. The company's revenue grew to $869 million, a 26 percent increase compared to the same period a year ago, and gave guidance of $910 million to $940 million in revenues for next quarter. Earnings are also up for the company. The storage player reported $37.7 million in net income for the first quarter of its 2009 fiscal year, equivalent to 11 cents a share -- a 10 percent jump from the $34.3 million, or 9 cents a share, it saw during the same quarter a year earlier. NetApp also said it expected to earn 16 cents to 19 cents per share in the coming quarter. RELATED ARTICLES EMC's Strong Quarter Overshadowed by VMware NetApp Returns to Its Roots With S550 NetApp Dedupes the Competition NetApp Midrange SAN Refresh: Part Deux For more stories on this topic: Yet the performance and the forecast weren't rosy enough to please the Street. While it beat analysts' expectations of $864.1 million in revenue, its forecast for the second quarter clearly disappointed investors. Analysts had estimated next-quarter... [ Read more on www.internetnews.com ]

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InternetSwedish magazine blames iPhone 3G woes on hardware (AP)

AP - Spotty wireless broadband connectivity for some of Apple Inc.'s new iPhones most likely results from a hardware problem introduced during mass production, a Swedish technical magazine reported Wednesday.