Record results for EMC in Q2
Strong performance for EMC as storage demand soars
EMC has posted record results for its financial second quarter, with strong performance across all divisions apart from its Information Intelligence business.
Second quarter revenue was up 20% from the same quarter last year to $4.85 billion, with net income up 28% to $546 million.
The company reported strong sales across most lines, including 19% revenue growth for its Information Storage business, high end Symmetrix storage range up 15%, and mid-tier storage up 27%.
The Information Intelligence business, which includes Documentum, saw revenue down 5.1% year-on-year, but was up 5.6% from Q1 2011, to $169.3m
Revenue from VMware, which EMC holds a majority stake in, was up 37%, and revenue from the RSA Information Security Business was up by 13%.
EMC also saw revenue growth in its Virtual Computing Environment Company, a joint venture with Cisco, with investments from VMware and Intel, with revenue for the year-to-date exceeding the 2010 full year revenues.
Revenue for the EMEA region grew 20%.
Joe Tucci, EMC chairman and chief executive officer, said: "Our record-setting performance during the quarter was marked by balanced growth, solid execution and significant technology innovation as customers around the world continue to embrace EMC's cloud computing and Big Data strategies. It is our firm belief that this strategy is well-placed and underpinned with winning products and services and strategic partners.
"We remain confident in our ability to continue delivering strong results this year and over the long term. Furthermore, we remain committed to investing heavily to extend our technology lead and help customers and service provider partners accelerate their IT and business model transformations," Tucci added.
David Goulden, EMC executive vice president and chief financial officer, said: "Given the strong results we have achieved this year and the opportunity we see for the remainder of 2011, we are raising our financial outlook for the year. We now expect to exceed 2011 consolidated revenue of $19.8 billion, GAAP EPS of $1.07 and non-GAAP EPS of $1.48."