EMC Goes Double-Digits in Revenue, Profit for 10th Straight Quarter
For the 10th consecutive quarter, data storage and security provider EMC reported double-digit year-over-year growth for revenue and net income in its second-quarter 2012 filing with the Securities and Exchange Commission.
As a result, EMC said it expects to fulfill its full-year 2012 goals for consolidated revenue, non-GAAP (generally accepted accounting principles) earnings per share and free cash flow.
The Hopkinton, Mass.-based IT giant reported that its second-quarter consolidated revenue was $5.31 billion, an increase of 10 percent over the year-ago quarter. Net income attributable to EMC increased 19 percent year over year to $650 million.
Earnings per share increased 21 percent year over year to $0.29. EMC is the parent company of a number of wholly-owned subsidiaries, including VMware, RSA Security, Documentum, Iomega, Data Domain, and several others.
Revenue from EMC's storage business increased 7 percent over Q2 2011. Within this, revenue from EMC's networked storage platforms, which includes EMC's high-end and mid-tier storage platform products, also grew 7 percent year over year.
Income from EMC's high-end Symmetrix storage product portfolio increased 3 percent over 2011, and revenue from the company's portfolio of mid-tier storage products4 increased 10 percent.
In guidance for Wall Street and other analysts, EMC projected its consolidated revenues to be a record $22 billion for 2012.