EMC Corp. announced a profit of $35 million on $1.38 billion in revenue for the first quarter of 2003 Wednesday, and continues to expect profits for the rest of the year, officials said.
That compares to a loss of $64 million and revenue of $1.49 billion last quarter, and a loss of $77 million on $1.3 billion a year ago.
"The product innovation engine at EMC is running in overdrive. We continue to earn the confidence of new and existing customers," CEO and President Joe Tucci said, in a statement.
The recently launched Symmetrix DMX accounted for more than half of high-end sales from the Hopkinton, Mass.-based EMC, officials said. Revenue from the midrange Clariion CX hardware, Centera disk archiving hardware, software, and services all grew this quarter, officials said.
EMC in the quarter settled a lawsuit with Tokyo-based rival Hitachi Ltd. and expanded its partnership with Mountain View, Calif.s Veritas Software Corp.
EMC now has approximately $5.7 billion in cash and investments, officials said. Revenue in the current second quarter is expected to be between $1.43 billion $1.48 billion, officials said.
Meanwhile, EMC yesterday acquired startup Astrum Software Corp., of Boston, for an undisclosed cash amount. Astrums resource management software will be integrated with EMCs own Automated Resource Manager and other software, officials said.
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