NEW YORK (TheStreet) -- EMC (EMC) shares are rallying by 2.73% to $25.61 on heavy trading volume on Wednesday afternoon, after the data storage company reported 2015 second quarter earnings results that topped analysts' estiamtes.
For the latest quarter, the company posted earnings of 43 cents per share on revenue of $6.1 billion. In the same quarter last year, the company reported earnings of 43 cents per share on revenue of $5.88 billion.
Analysts expected the company to post earnings of 41 cents per share on revenue of $6.1 billion.
"While pleased with many aspects of the second quarter, especially with the market acceptance and rapid growth of our newer products, we also saw customers become more conservative around refreshing their traditional infrastructures as they plan their IT transformations," CEO Joe Tucci said in a statement.
In addition, EMC said it would slash $50 million in the fourth quarter of 2015, as the company looks to tighten up its spending costs and cut jobs, Bloomberg reports.
EMC Corporation develops, delivers, and supports information infrastructure and virtual infrastructure technologies, solutions, and services.
Separately, TheStreet Ratings team rates EMC CORP/MA as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate EMC CORP/MA (EMC) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and weak operating cash flow."
You can view the full analysis from the report here: EMC Ratings ReportEMC data by YCharts