EMC Profit Boosted as Cloud Potential Shines
July 26, 2013
Grazed from NewsFactor. Author: Editorial Staff.
EMC Relevant Products/Services’s second-quarter net income was driving higher by nearly 8 percent thanks to surging demand for data Relevant Products/Services storage Relevant Products/Services equipment. The company affirmed its full-year profit and revenue guidance, and its shares jumped more than 6 percent in early trading. For the quarter ended June 30, EMC earned $701 million, or 32 cents per share, compared with $650 million, or 29 cents per share, last year. Adjusted to exclude stock-based compensation expenses, amortization costs and other items, earnings were 42 cents per share.
Revenue rose 5.7 percent to $5.61 billion from $5.31 billion, with both product sales and services logging gains. U.S. revenue, which represents just over half of all revenue for the company, rose 4 percent. Revenue outside of the U.S. jumped 8 percent. The Asia Pacific and Japan and the Latin American regions both posted double-digit gains, EMC said…
"The strength and demand we saw during the quarter, despite a cautious IT Relevant Products/Services spending environment, speaks to the soundness of our strategy, the value customers see in our federated business model, and the massive opportunity ahead in cloud Relevant Products/Services computing, big data and trusted IT," Joe Tucci, EMC chairman and CEO, said in a statement…
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