reiterated sales and earnings guidance for the second quarter and said it remained focus on raising operating margins to the mid-teens by the end of the year.

The storage giant expects to earn 8 cents a share on sales of $1.95 billion to $1.975 billion in the quarter. Analysts surveyed by Thomson First Call were forecasting earnings of 8 cents a share on sales of $1.97 billion. For the full year, the company expects sales to rise 30% to $8.1 billion. Analysts were forecasting $8.08 billion, according to Thomson First Call. EMC expects to earn $850 million in the full year before a charge.

The company touted the potential of its "information lifecycle management" strategy, saying that demand for storage and storage management is currently far outpacing the growth of technology budgets.

"ILM helps companies around the world deal with this growth in data while lowering costs for sharing, managing and protecting the company's valuable information assets," EMC said. "We are leading the industry in bringing these benefits to market by fully leveraging our technology and distribution portfolio, our acquired companies and our partners."

Since reporting its first quarter on April 15, the company has repurchased about 23.5 million common shares for roughly $265 million, bringing its year-to-date purchases to 26.6 million shares for $310 million.