EMC Profit Jumps 28% as Demand Rises
HOPKINTON, Massachusetss (
) --
EMC
(EMC)
, earned 37 cents a share on a non-GAAP basis in the third quarter, topping analysts' estimates, as demand for its storage products boosted revenue by 18%.
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EMC earned $606 million, or 27 cents a share, in the third quarter on a GAAP basis, up 28% from $473 million, or 22 cents, a year earlier. Non-GAAP earnings were $822 million, up 27%.
Revenue was $4.98 billion.
Analysts surveyed by Thomson Reuters expected EMC to earn 36 cents a share on revenue of $4.9 billion.
EMC said it remains "on track" to exceed its full-year goal of $19.8 billion in revenue, GAAP earnings of $1.07 a share and non-GAAP EPS of $1.48.
For the year, analysts expect EMC to post profit of $1.48 a share on revenue of $19.85 billion.
-- Written by Joseph Woelfel
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