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EMC Announces Preliminary Q2 Financial Results And New Executive Appointments

Stocks in this article: EMC VMW

HOPKINTON, Mass., July 17, 2012 /PRNewswire-FirstCall/ -- EMC Corporation (NYSE: EMC) today announced preliminary second-quarter 2012 results: record Q2 consolidated revenues of approximately $5.31 billion, up 10% over Q2 2011, and record Q2 non-GAAP earnings per weighted average diluted share (EPS) of $0.39, up 11% over Q2 2011.  EMC continues to expect to achieve its full-year 2012 goals of $22 billion in revenue and non-GAAP EPS of $1.70. EMC will discuss further details about Q2 2012 results and full-year business outlook during its previously scheduled earnings call at 8:30 a.m. ET on Tuesday, July 24.

EMC today also announced a series of senior executive appointments to further position the company for its next phase of growth.  The appointments highlight the depth and breadth of EMC's executive management team and mark the next step in the implementation of the company's long-standing executive succession plan.

Joe Tucci, Paul Maritz, Pat Gelsinger and David Goulden will participate in a financial analyst conference call today at 1:30 p.m. PT / 4:30 p.m. ET to discuss these executive changes and the opportunity ahead. The call will be broadcast live at http://ir.vmware.com or you may dial-in: 1-800-369-3179, pass code: 0717.

 "EMC and VMware have delivered strong results over the past decade and have developed world-class management teams," said Joe Tucci, EMC Chairman and CEO.  "Today we are witnessing an extraordinary transformation in the IT industry unlike anything we have seen before – a major shift to Cloud Computing, Big Data applications and delivering IT-as-a-Service.  To capitalize on this tremendous opportunity we are positioning our executive talent so that we can benefit from their exceptional professional strengths with the goal of further advantaging EMC and VMware to deliver long-term value to our respective shareholders."

Key among the executive appointments to drive future growth, EMC announced that:  

  • David Goulden, Executive Vice President and CFO, has been appointed President and COO of EMC Corporation, reporting to Tucci.
  • Pat Gelsinger, EMC President and COO of Information Infrastructure Products, has been appointed CEO of VMware (NYSE:VMW), effective September 1st, and will also join the VMware Board of Directors.
  • Paul Maritz, VMware's present CEO, is joining EMC as Chief Strategist, reporting to Tucci, effective September 1st.  Maritz will remain on the VMware Board of Directors.

Tucci said, "With these changes, David will assume responsibility for EMC's Information Infrastructure business, Pat will now lead Cloud Infrastructure at VMware, and Paul will look across our technology strategy with a particular focus on Big Data and the next generation of cloud-oriented applications that will be built on top of these foundations."

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