EMC marks strong second-quarter earnings

Summary:The company has reported earnings that are better than Wall Street's predictions, which has prompted a raised yearly outlook

EMC delivered a better than expected second quarter on Wednesday and raised its outlook amid strong demand for storage as datacentres are upgraded. EMC expects IT spending to be up 3 percent to 5 percent in 2010.

The storage giant had earnings of $426m (£279m), or 20 cents a share, on revenue of $4.02bn. Non-GAAP earnings were 28 cents a share. Wall Street was expecting earnings of 27 cents a share on revenue of $3.98bn.

EMC also raised its outlook. For 2010, the company said that it will top its previous projection for earnings of 84 cents a share on revenue of $16.5bn. Non-GAAP earnings for the year will also be better than the $1.18 a share projected by EMC in April. Wall Street was expecting earnings of $1.20 a share on revenue of $16.6bn.

For more on this story, see EMC ups outlook, rides data center upgrade wave on ZDNet.com.

Topics: Tech Industry

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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