EMC reports record earnings

The storage major achieved revenues of $14.88 billion in 2008

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By  Sean Robson Published  February 10, 2009

Storage vendor EMC has reported full year earnings of $14.88 billion, an increase of 12% year over year. These figures were boosted by a strong fourth quarter in which the company earned over $4 billion.

This was EMC’s sixth consecutive year of double digit growth and, according to the company, was boosted by strong revenue growth from its unified storage systems.

Other verticals that contributed were backup, recovery and archive solutions, RSA security information and event management (SIEM) solutions and the RSA data loss & prevention (DLP) suite together with EMC’s services portfolio.

“EMC’s ability to achieve record financial results despite the macro-economy was driven by tight alignment with key customer priorities; the strongest and most integrated product, services and partner portfolio in company history; and solid execution throughout the year. We’ve entered 2009 with a robust and diversified business model, which we intend to leverage to extend our technology lead and gain market share,” said Joe Tucci, EMC chairman, president and chief executive officer.

In considering the outlook for 2009, EMC predicts that global IT spending will decline but will continue to show growth in the single digit range. It's hopeful that the IT spend will see some increase towards the latter part of the year but the company remains confident that its markets will stay more robust than the overall IT market.

EMC has also announced that it expects a number of factors to impact its results for 2009. These include savings from the company’s restructuring program that will transition costs and at the same time affect operating expenses.

“EMC has a firm grasp on what’s required to thrive in tough times and emerge even stronger in the next growth cycle. We remain intensely focused on customers’ top priorities – saving money, attaining a faster ROI, reducing risk and preparing for the delivery of next-generation data centers,” concluded Tucci.

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