HOPKINTON, Mass. (
-- Shrugging off recent
tech sector unease
, storage giant
(EMC - Get Report)
reported solid first-quarter results on Thursday.
EMC, which is one of the key players in
and the emerging
market, brought in revenue of $5.1 billion, an 11% increase on the prior year's quarter, and roughly in line with analysts' forecasts of $5.12 billion.
Excluding items, EMC earned 37 cents a share, a 19% hike on the same period last year, and above analysts' estimates of 36 cents a share.
"We are in a time of unprecedented IT and business transformation, propelled by the benefits of cloud computing, Big Data and trust," explained EMC CEO Joe Tucci, in a statement released before market open. "EMC is off to a strong start to 2012 and is exceptionally well-positioned to help customers take advantage of these major transformational shifts."
EMC enjoyed 26% year-over-year growth in its mid-tier storage products, and almost doubled revenue from its Isilon network-attached storage (NAS) hardware. Revenue from the company's
security division increased 19% compared to the same period last year.
In contrast, rival
(IBM - Get Report)
, which reported its first-quarter results earlier this week, saw its storage hardware revenue slip 4%.
EMC's numbers were also boosted by a strong quarter from its
(VMW - Get Report)
virtualization subsidiary, which reported after market close on Wednesday. The storage specialist noted that VMware revenue grew 25% year over year.
The storage specialist predicted consolidated revenue that is expected to meet or potentially exceed $22 billion in 2012. Analysts surveyed by Thomson Reuters have forecast fiscal 2012 revenue of $22.24 billion for EMC.
Investors, however, were unmoved by EMC's results, pushing the company's shares down 69 cents, or 2.37%, to $28.45 in premarket trading.
--Written by James Rogers in New York.
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