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Net income growth is the annualized rate of growth over the previous year's net income. Net income growth is the percentage gain (or loss) in net income over time. It is a good indicator of the rate at which companies have grown profits . Stocks with higher net income growth rates are typically more desirable than those with lower net income growth rates.
Annual net income is simply the net income for a given year, four quarters in a row. It's referred to sometimes as the company's bottom line, because net income is at the bottom of the standardized income statement. (Revenue is sometimes referred to as the top-line number for the same reason -- it's at the top.)