Data storage giant EMC reported second-quarter revenues of US$5.9bn on the back of what CEO Joe Tucci describes as a calculated bet on a transformational shift in the industry.
EMC reported a net income of US$589m and generated US$1.3bn in operating cash flow.
The company ended the quarter with US$14.6bn in cash and investments.
EMC’s board has approved an accelerated share buyback plan for 2014 from US$2bn to US$4bn.
EMC said it expects to return more than US$7bn to shareholders over the course of 2013 and 2014.
“Our industry and customers are in the midst of a massively disruptive and transformational shift, and the pace of change is accelerating,” said Tucci.
“EMC detected it early on, put the right strategy in place and is executing well. New customers are coming to EMC for the first time, and existing customers are investing more heavily, because of our expanded capabilities across EMC Information Infrastructure, VMware and Pivotal.
“As a result, we have no doubt that EMC and our customers and shareholders will emerge among the primary beneficiaries of this transformation.”
Ireland’s strategic role in the EMC story
EMC employs 3,000 people in Ireland which, according to vice-president and managing director Bob Savage, plays a strategic role in the company.
“The innovative business our Irish workforce has helped to build is at the centre of the most progressive advancements in global IT. Through our Centre of Excellence in Cork, one of only eight EMC Centres of Excellence across the globe, we provide engineering and research development, customer service and IT and technical support to EMC globally.
“Exporting to 140 countries, our Irish operation plays a significant role in delivering for our global clients, consolidating our reputation for innovation technology solutions and driving the success of EMC.”
EMC’s customers in Ireland include Equiniti, Elavon, Eircom, the Revenue Commissioners, and Food Safety Authority.
Gerry Murray, country manager for EMC in Ireland, said the company continues to perform strongly in the Irish market.
“We are experiencing increasing demand across all business lines as our Irish customers embrace the benefits and efficiency that new cloud technology and big-data applications bring.
“Through new and innovative technology, we help our Irish customers to transform their businesses with technology that drives efficiency, cultivates innovation and generates value from company information, delivering further growth and scale,” Murray said.