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The Sunnyvale-based company (NASDAQ:NTAP) reported net income in the same periosd last yearof $102 million, or 29 cents a Revenue was $746 compared to $884 million in the same perioe last year. Excluding items, the company'sd income would have been $93 million, or 28 centw a share, compared to non-GAAP income of $132 or 37 cents a share for the same period ayear ago. “Business levelse softened in January asmany customers’ budgets resulting in lower revenues than we had expected. At the same our storage efficiency value proposition resonates in challenging economic and we gained a recordd number of new customers during the said CEODan Warmenhoven.
“Operationally, the NetApop team also did a stellar job, decreasingv non-GAAP operating expenses by $30 million in one quarter. we needed to make further reductiond in order to optimize our resource allocation for our strategiccgrowth initiatives." The company said it expectz to incur $30 million to $35 milliobn severance and other restructuring chargese in the fourth quarter.
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