Monday, July 25, 2005
EMC Corp. Thursday posted a 53 percent rise in quarterly net income, fueled by demand for storage systems and services.
EMC, the world's largest maker of data storage gear, said second-quarter net income increased to $293.4 million, or 12 cents a share, from $192.8 million, or 8 cents per share, a year earlier.
Revenue advanced 19 percent to $2.34 billion from $1.97 billion.
Analysts expected a profit of 12 cents a share on revenue of $2.34 billion, according to Reuters Estimates.
EMC said the strong results were due to sales of mid-tier storage systems, increasingly popular virtual infrastructure software, and an expanding professional services business.
Looking ahead, the company sees third-quarter profit and revenue on par with second-quarter levels. For the full year, it sees revenue growth of about 17 percent, with earnings in the range of 50 cents to 51 cents a share.
Analysts expected a third-quarter profit of 13 cents a share on revenue of $2.39 billion. For the full year, they anticipated a profit of 51 cents a share, according to Reuters Estimates.
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