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 acquisition—it 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.
Highlights from the Hopkinton, Mass., company in the quarter included the revelation of a storage virtualization strategy, based on new PowerPath software; a new Centera Compliance Edition; new storage design and monitoring tools; low-end network-attached storage; and the acquisition of Astrum Software Corp.
EMC has $6.1 billion in cash and assets and virtually no debt, officials said. Revenue in the third quarter is expected to be between $1.45 billion and $1.50 billion, they said.
EMC is planning another software announcement July 28 and will further discuss the Legato deal at its Analysts Day on Aug. 6 in New York.