EMC reports Q2 earnings increase of 28pc

20 Jul 2011

Companies’ increased spending on storage products and software for internet-based computing boosted EMC Corp’s second-quarter earnings by 28pc.

The world’s biggest maker of storage computers reported a rise in net income of US$546.5m, or 24 cents a share, from US$426.2m, or 20 cents, a year earlier.

Second-quarter consolidated revenue was US$4.85bn, an increase of 20pc compared with the year-ago quarter.

Non-GAAP net income attributable to EMC for the second quarter was US$793m, an increase of 33pc compared with the year-ago quarter. Second-quarter non-GAAP earnings per weighted average diluted share were 35 cents, an increase of 25pc year over year. 

EMC achieved year-to-date operating cash flow of US$2.2bn and free cash flow of US$1.6bn. 

The company ended the second quarter with US$9.5bn in cash and investments.

“Our record-setting performance during the quarter was marked by balanced growth, solid execution and significant technology innovation as customers around the world continue to embrace EMC’s cloud computing and Big Data strategies,” said Joe Tucci, EMC chairman and CEO.

Photo: EMC Manufacturing in Cork, Ireland