Thursday, 14 August 2008

Data Domain Reports 16% Increase in Q2

Data Domain announced results for its second with net revenues at 61.2 million, an increase of 16% from the first quarter of 2008 and an increase of 131% from the second quarter of 2007...

Data Domain announced results for its second with net revenues at 61.2 million, an increase of 16% from the first quarter of 2008 and an increase of 131% from the second quarter of 2007.

"Our results for the second quarter of 2008 included record revenues, strong gross margins and significant growth in our customer base, which has more than doubled in the past year," said Frank Slootman, president and chief executive officer, Data Domain.

“Approximately 340 new customers were added during this past quarter, bringing Data Domain’s cumulative customer count to over 2,100 worldwide.”

Over the quarter, the deduplication storage systems provider noted a strong demand for its new DD690 product which is essentially a deduplication storage system for backup and other nearline applications.

“GAAP net income was 1.7 million and gross margins were strong at 72%. In addition, we achieved operating profit while hiring an additional 87 employees, bringing total headcount to 614, and we continued to be cash flow positive,” said Michael Scarpelli, chief financial officer, Data Domain.