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.
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