This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

EMC Meets Expectations as Growth Continues

NEW YORK ( TheStreet) -- EMC (EMC - Get Report) 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 - Get Report) 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.

>To submit a news tip, send an email to: tips@thestreet.com.

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
EMC $28.94 0.00%
VMW $85.07 0.00%
AAPL $128.46 0.00%
FB $78.97 0.00%
GOOG $558.40 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs