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TheStreet Open House

EMC Meets Expectations as Growth Continues

NEW YORK ( TheStreet) -- EMC (EMC) edged past Wall Street's revenue forecast in the second quarter as the storage giant shrugged off an uncertain economy to continue its run of strong results.

The Hopkinton, Mass.-based firm brought in revenue of $5.31 billion, an increase of 10% from the same period last year, and above analysts' forecasts of $5.29 billion.

Excluding items, EMC earned 39 cents a share, an increase of 11% from the prior year's quarter, and in line with Wall Street's estimates.

The results marked the company's 10t consecutive quarter of double-digit year-over-year top- and bottom-line growth.

"I am very pleased with EMC's execution and record second-quarter financial performance," said EMC CEO Joe Tucci, in a statement released before market open. "We are seeing a transformation in the IT industry unlike anything we have seen before. Organizations are moving quickly to adopt cloud computing and take advantage of both the efficiency and agility that comes with running IT-as-a-Service."

Tucci also highlighted the growing popularity of Big Data applications, which help businesses handle vast quantities of unstructured data.

Revenue from EMC's Information Storage business increased 7% year over year, while sales from the company's RSA Information Security division grew 13%. EMC's VMware (VMW) virtualization subsidiary, which reported its own of second-quarter numbers on Monday, climbed 22% over the same period.

EMC also reiterated its full-year guidance on Tuesday, projecting consolidated revenue of $22 billion. Analysts surveyed by Thomson Reuters are looking for sales of $22.07 billion.

Excluding items, EMC expects earnings of $1.70 a share, compared to analysts' estimate of $1.73 a share.

--Written by James Rogers in New York.

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