EMC Corp Reports Profit of 24 Cents in Q2

EMC Corporation (NYSE:EMC), the world’s largest maker of data storage computers, said that the demand for its cloud computing and data storage technology created a hike in its 2nd quarter net income.

EMC owns majority of VMware Inc. technologies whose virtualization software allows one computer to function as multiple machines which helped EMC boost its earnings and revenue.

The company earned $546.5 million, or 24 cents per share, in the quarter end on 30th June which was 28 % more than $426.2 million, or 20 cents per share earned during the previous a year.

The company excluded all the restructuring and acquisition-related cost and earned around 35 cents per share in the latest quarter, which was more than the Wall Street’s expectations.

Revenue of EMC grew by 20 % to $4.85 billion from $4.02 billion.

According to the data revealed by FactSet, analysts on average expected the company’s earnings to be 34 cents per share on revenue of $4.75 billion.

EMC expects an adjusted earnings of $1.48 on revenue of $19.8 billion for the F-Y 2011 whereas analysts are predicting earnings of $1.49 per share on revenue of $19.83 billion for the full year.

Shares of EMC fell 0.10% to $27.36 on high volume. The stock has a 52-week range of $17.90-$28.73.

Disclaimer:

The assembled information distributed by epicstocknews.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstocknews.com does expect that investors will buy and sell securities based on information assembled and presented herein. Epicstocknews.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.

This entry was posted in Contributors' Article, News Stories and tagged , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*


*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>