EMC's third quarter on target, ups 2010 outlook

EMC met earnings expectations for the third quarter and raised its outlook for 2010.

EMC on Tuesday met earnings expectations for the third quarter and raised its outlook for 2010.

EMC reported earnings of $649.4 million, or 22 cents a share, on revenue of $4.21 billion. Non-GAAP earnings were 30 cents a share, in line with Wall Street estimates (statement).

As for the outlook, EMC projected non-GAAP earnings of $1.25 a share on revenue of $16.9 billion. Wall Street was projecting earnings of $1.21 a share on revenue of $16.7 billion.

EMC, which owns most of VMware, is benefiting from virtualization and demand for storage. In a statement, EMC CEO Joe Tucci said that the company can continue to grow at double-digit clip.

By region, EMC's sales in the U.S. were up 21 percent from a year ago. Sales to Europe, Middle East and Africa surged 54 percent from a year ago as Asia Pacific and Japan and Latin America delivered revenue growth of 28 percent and 23 percent, respectively.

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