EMC Reports Second Consecutive Record Quarter

Posted 04/22/2010 at 4:35am | by Paul Lilly

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IT specialist and Fortune 500 company EMC on Wednesday reported record financial results for the second quarter in a row. According to EMC, first-quarter consolidated revenue was $3.9 billion, an increase of 23 percent compared to one year ago, while GAAP net income rose 92 percent year-over-year.

"EMC is off to a strong start in 2010, turning in the best first quarter in company history with record first-quarter revenue, high double-digit profit growth and all-time record free cash flow," said Joe Tucci, EMC Chairman and Chief Executive Officer. "Our private cloud strategy and focus on four multi-billion dollar markets—each expected to experience rapid growth for many years to come—are resonating very well with customers. We are confident in our ability to lead the next major wave of IT, maintain a long-term double-digit revenue growth rate and continue to take share."

EMC's Information Infrastructure business was particularly robust, rising 22 percent year-over-year to settle at $3.3 billion. The company also cited strong demand and double-digit revenue growth for its Symmetrix storage product portfolio. VMware, for which EMC owns a majority stake, contributed $632 million in revenue to pot.