EMC Corp. Thursday announced a $64 million loss on $1.49 billion in revenue for the fourth quarter of 2002, and a $199 million loss on $5.44 billion in revenue for the whole year.
That compares to a $51 million loss with $1.26 billion in revenue during the prior quarter, and a $508 million loss on $7.09 billion in revenue for all of 2001.
"We finished 2002 on a very strong note as our automated networked storage strategy began to pay off," said EMC President and CEO Joe Tucci. "Each of our major businesses—information storage systems, software and services—achieved double-digit sequential revenue growth."
The quarter was the best ever for EMCs midrange Clariion hardware, largely due to the manufacturing and resale partnership with Dell Computer Corp., officials said. Also, EMC shipped more than a petabyte of its Centera hardware, which uses low-cost ATA (advanced technology architecture) drives and object-based software to store data thats frequently read but rarely written to.
EMCs other highlights for the quarter were the launch of NS600, a Clariion-based NAS (network-attached storage) product, and an investment in Framingham, Mass., startup Diligent Technologies Corp. This quarter, EMC is expected to announce the next generation of its flagship Symmetrix hardware.
The Hopkinton, Mass., company ended 2002 with $5.7 billion in cash and investments, and expects a profit in all quarters of 2003, officials added. Research and development spending will be slightly less than the $781 million in 2002, they said.