EMC Inches Forward Revenue

By eweek  |  Posted 2002-07-18 Print this article Print

Storage specialist EMC Corp. posted 2Q revenue of $1.39 billion, a slight improvement from last quarter's revenue of $1.3 billion.

For the second financial quarter, storage specialist EMC Corp. inched forward its revenue to $1.39 billion, with $.01 per share loss, compared with last quarters $1.3 billion and $.04 per share loss, officials said Thursday. Net income for the second quarter last year was $2.02 billion, though EMC spent $200 million in this years second quarter to buy back stock. "Most large corporations continue to delay major IT projects, generally limiting their purchases to deployments that provide a rapid return on their investment," President and CEO Joe Tucci said in a statement, squarely placing the blame on the economy.
Software revenue grew 14 percent from last quarter, which company officials said was a sign that customers were embracing EMCs AutoIS software initiative.
Besides software, which became an increased focus of the Hopkinton, Mass., company last fall, EMC in the second quarter also increased its focus on lower-cost, mid-range storage hardware, primarily through Centera, a product for storing fixed content. Last week, EMC announced hiring Mark Lewis, formerly vice president and general manager of Compaq Computer Corp.s storage division, and most recently the marketing head of Hewlett-Packard Co.s storage division, as EMCs new chief technology officer, replacing outgoing CTO Jim Rothnie. The company also named Gail Deegan, formerly chief financial officer of Houghton-Mifflin Co., as its first female director, responding to shareholder concerns about the lack of women, minorities and non-EMC-affiliated individuals running the company. Related Stories:
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