EMC's Q2 on target; 2012 outlook a bit light

EMC's second quarter results were on par with expectations, but the 2012 outlook was a bit light relative to estimates.

The storage giant reported second quarter earnings of $650 million, or 29 cents a share, on revenue of $5.31 billion, up 10 percent from a year ago. Non-GAAP earnings were 39 cents a share for the second quarter.

EMC's results were in line with what the company telegraphed last week. EMC and VMware swapped executives and leadership in what could be the beginning of a unification effort in the years ahead. EMC owns 80 percent of VMware, which acquired Nicira on Monday to target network virtualization.

For EMC, the information storage business saw second quarter revenue increase 7 percent from a year ago. High end storage systems showed sales growth of 3 percent. Revenue from the U.S. accounted for 54 percent of EMC's total second quarter sales.

As for the outlook, EMC projected 2012 earnings of $2.75 billion, or 1.25 a share, on revenue of $22 billion. Non-GAAP earnings for the year will be $1.70 a share. Wall Street was looking for non-GAAP earnings of $1.73 a share on revenue of $22.07 billion.

Here's the breakdown of EMC's results by business.