Buoyed By Internet Sales, EMC Posts Record Quarter



EMC Corp., a leading provider of enterprise storage systems, software, and services announced record quarterly revenue and net income for its third quarter ended September 30.

Revenue for the quarter was $1.33 billion, up 33% over the year-ago quarter. Net income was $310 million, or 29 cents a share, a 54% increase over the same period last year. The quarter was the company's tenth consecutive quarter of net income and revenue growth of 30% or higher.

The company said revenue from software sales rose 76% to $207 million, while systems revenue was up 28% to $1.01 billion, year-on-year. Revenue from the company's Symmetrix Enterprise Storage systems with Fibre Channel technology was more than $400 million, up more than 100% over last year.

"The Internet-driven economy is creating unprecedented demand for intelligent enterprise storage," Michael Ruettgers, EMC President and CEO, said in a statement. "The growth of online information and the need to uniformly manage and protect it have become critical business challenges not only for the dot-com pioneers but also for the Global 2000," he added.

Despite the strong report, EMC's stock fell 4-5/16 to close at 65-1/8.

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