Veritas Software`s revenue rose by 18% to $1.77 billion for the year ending 31 December, while fourth quarter revenue soared by 26% to a record $513 million, up from $406 million the previous year.
GAAP net income for the year ended 31 December increased to $274.2 million from $57.4 million or $0.63 per diluted share from $0.14 per diluted share for the same period a year ago, Veritas said in a statement.
Veritas CEO Gary Bloom says the fourth quarter results were the culmination of a record-breaking year.
"We attribute this success once again to our focused execution on our growth strategy of expanding our product portfolio, delivering these products on a broad range of hardware and software platforms to further our heterogeneous advantage, and extending our reach worldwide by investing in sales and service capacity around the globe," he says.
"The continued investment in our business, coupled with our focus on driving our product strategy through the eyes of the CIO, places Veritas in a strong position for growth in 2004. While our growth depends on a continued IT spending recovery, our business is strong and we expect to drive the company to a target of $2 billion in revenue in 2004."
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