EMC's Q2 Profit Up 28 PercentBy Channel Insider Staff | Posted 2011-07-20 Email Print
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The storage and security vendor also increased the numbers in its analysts' guidance for the year, and now expects to bring in nearly $20 billion for the first time.
EMC's storage, security and data center equipment juggernaut continues to sail right along, with the corporation posting record second-quarter results July 20 that included a 28 percent hike in profits year over year.
The Hopkinton, Mass.-based company also increased the numbers in its analysts' guidance for the year, and now expects to bring in nearly $20 billion for the first time.
EMC reported second-quarter consolidated revenue at $4.85 billion, an increase of 20 percent compared with the same period a year ago. The net income total for the quarter was $546 million.
"EMC s second-quarter results are further evidence that our strategy is on target and that we continue to execute our financial 'triple play' gaining market share, investing aggressively to take full advantage of the massive opportunities at the intersection of cloud computing and Big Data, and improving profitability," EMC Executive Vice President and Chief Financial Officer David Goulden said on the earnings conference call with analysts and investors.
Goulden said EMC now expects "to exceed 2011 consolidated revenue of $19.8 billion, GAAP EPS of $1.07 and non-GAAP EPS of $1.48." The company's consolidated GAAP net income now is expected to exceed $2.44 billion in 2011, and consolidated non-GAAP net income is expected to exceed $3.35 billion, Goulden said.
EMC's front-and-center business, data storage, increased its revenue by 19 percent in revenue year over year. The company's high-end Symmetrix product line, which includes the new VMAX, increased revenue 15 percent compared with the year-ago quarter, and EMC s portfolio of mid-tier storage products 3 grew revenue 27 percent year over year.
To read the original eWeek article, click here: EMC Posts 28 Percent Hike in Q2 Profits