EMC Announces Robust Earnings
The company credits its growth to "a completely refreshed product portfolio, broadened services offerings and an expanded distribution network."EMC Corp. today announced more growth, earning $1.48 billion in revenue and $82 million in profit in the second quarter of 2003. On the heels of its biggest-ever acquisitionit paid $1.3 billion for software company Legato Systems Inc.EMC beat both its prior quarter, when had $1.38 billion in revenue and $35 million in income, and the year-ago quarter, which saw $1.39 billion earned but just $1 million in profit.
"We are experiencing the benefits of a completely refreshed product portfolio, broadened services offerings and an expanded distribution network. All signs point to additional EMC market share gains during the second quarter and we expect that to continue through the remainder of 2003," CEO and President Joe Tucci said in prepared comments.