Print
Email
Print Edition Stories
MHT's Galen Moore: Boston startups get creative with real estate
MHT's Kyle Alspach: Electronic medical records workers in demand
Jobzle demos at Betaspring
EMC Corp.’s quarterly net income rose 28 percent on the strength of an 18-percent increase in revenue in the first quarter of 2011, the company reported this morning. The Hopkinton storage giant set records on both lines of its operating statement, with $4.6 billion in consolidated revenue, and $477.1 million in GAAP net income. According to Bloomberg, the company’s 31 cents per share earnings figure met analyst expectations for the quarter.
Operating margins also improved, EMC (NYSE: EMC) reported, with operating cash flow of $1.1 billion and free cash flow of $857.3 million. The company ended the quarter with $9.5 billion in cash and investments, it said.
The company reported strong demand for its Symmetrix storage product portfolio, with revenue increasing 25 percent over the year-ago period, and its mid-tier storage products, with revenue up 20 percent year over year. Virtualization company VMware (NYSE: VMW), which is majority-owned by EMC, yesterday announced a 33 percent increase in revenue. EMC’s security division, RSA, grew 8 percent year over year, the company said.
EMC chairman and CEO Joe Tucci said in a statement that with a “robust innovation pipeline,” the company is positioned to take advantage of growing demand for cloud computing and big data processing capability.
The company re-stated its expected earnings-per-share for the full year, keeping the projected figure at $1.46.
Last week, EMC confirmed that it had launched a venture capital group, EMC Ventures, in February, which will go beyond the scope of EMC’s previous investing activity. EMC Ventures is headed by Mark Lewis, the chief strategy officer of the company’s Information Infrastructure Products division.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
