EMC reports strong Q3 financial results
Company sees 18% increase in consolidated revenue year-over-year
EMC Corporation has reported record financial results for the third quarter of 2011, with an 18% increase in consolidated revenue year-over-year to $4.98 billion.
Third-quarter GAAP net income attributable to EMC increased 28% year-over-year to $606 million.
"I am very pleased with EMC's execution and solid third-quarter financial performance. Global customer demand for our industry-leading products and services, which led to record quarterly financial results, is clear evidence that EMC is at the centre of the most transformative, disruptive and opportunity-rich trends in IT history - namely hybrid cloud computing and the explosion of Big Data. With the strategy, products and momentum in our favour, EMC remains extremely well positioned to help customers accelerate their journey to the cloud, discover the value of Big Data and transform IT into a source of greater efficiency, agility and control," said Joe Tucci, EMC chairman and chief executive officer.
The company ended the third quarter with $9.3bn in cash and investments.
Growth was driven by the continued strong worldwide customer demand for EMC's information storage, security and virtualisation products and services, balanced revenue growth and continued outstanding execution, according to EMC.
"The priorities we have outlined in our financial ‘triple play'- to gain market share, invest aggressively to take full advantage of the massive opportunities at the intersection of cloud computing and Big Data, and improve profitability - continue to guide us through 2011. We remain on track to exceed our full-year goal of $19.8bn in revenue, GAAP EPS of $1.07 and non-GAAP EPS of $1.48. We are confident that our company strategy, disciplined investment approach and continued focus on execution, which have driven our success over the past several years, will continue to serve us well in the future," said David Goulden, EMC executive vice president and chief financial officer.
EMC's Information Storage business saw 16% year-over-year revenue growth, while EMC's high-end Symmetrix storage product portfolio increased revenue 7% compared with Q3 2010.
EMC's portfolio of mid-tier storage products grew its revenue 28% year-over-year, revenue from VMware which is majority-owned by EMC, increased 32% and revenue from EMC's RSA Information Security business grew 16% year-over-year.
EMC also saw strong revenue growth for the EMC VNX unified storage family and the company's Backup Recovery Systems.
EMC's consolidated Q3 revenue from the United States reached an all-time record of $2.7 billion, an increase of 17% year-over-year, representing 54% of consolidated third-quarter revenue. Revenue from EMC's Europe, Middle East and Africa and Latin America regions increased 15% and 8% year-over-year, respectively.