Virtualisation boosts EMC's third-quarter earnings

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

EMC reported earnings of $649.4m (£412.5m), or 22 cents a share, on revenue of $4.21bn. Non-GAAP earnings were 30 cents a share, in line with Wall Street estimates, the company said in a statement. As for the outlook, EMC projected non-GAAP earnings of $1.25 a share on revenue of $16.9bn. Wall Street was projecting earnings of $1.21 a share on revenue of $16.7bn.

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

For more on this ZDNet UK-selected story, see EMC's third quarter on target, ups 2010 outlook on ZDNet.com.