NEW YORK ( TheStreet) -- EMC ( EMC) shares slipped on Wednesday after reporting first-quarter results that missed Wall Street's top- and bottom-line estimates. The storage giant posted revenue of $5.39 billion, up from $5.1 billion in the prior year's quarter, but below analysts' forecasts of $5.42 billion. Excluding items, EMC earned 39 cents a share, up from 37 cents a share in the prior year's quarter. Analysts surveyed by Yahoo! Finance were looking for earnings of 40 cents a share.
EMC also announced plans to buy back $1 billion of the company's common stock in 2013. Investors were underwhelmed by the results, pushing EMC's shares down 1.61% to $22 in premarket trading. Revenue from EMC's Information Storage business grew 3% year over year, with high-end storage sales climbing 10% from the year-ago quarter. The company's RSA Security division grew its revenue 12% over the same period.
The Hopkinton, Mass.-based firm also reaffirmed its 2013 outlook, predicting revenue of $23.5 billion and earnings, excluding items, of $1.85 a share. Analysts surveyed by Yahoo! Finance are looking for sales of $23.46 billion and earnings of $1.86 a share. After the markets closed Tuesday, EMC's VMware ( VMW) subsidiary reported 13% year-over-year revenue growth, although the virtualization specialist's shares fell on weaker-than-expected revenue guidance. VMware shares were off 5.81% to $71.30 before market open. Early on Wednesday, GE ( GE) also announced plans to make a strategic investment of about $105 million in Pivotal, a specialist cloud company created by EMC and VMware. GE's investment represents a 10% equity stake in the company. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org.