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EMC's second quarter, 2011 outlook strong

By | July 20, 2011, 5:21am PDT

Storage giant EMC delivered strong second quarter earnings and remained upbeat about its prospects for 2011.

EMC reported second quarter earnings of $546 million, or 24 cents a share, on revenue of $4.85 billion, up 20 percent from a year ago. Non-GAAP earnings were 35 cents a share. Wall Street was looking for earnings of 34 cents a share on revenue $4.73 billion.

The company also raised its outlook for fiscal 2011. EMC projected that 2011 revenue will top $19.8 billion with earnings of $2.44 billion, or $1.07 a share. Non-GAAP earnings will top $1.48 a share. That outlook was in line with current Wall Street expectations.

In a statement, EMC CEO Joe Tucci said that the company is riding the cloud computing and big data waves. Dave Goulden said that the company’s strategy is on target.

On Tuesday, VMware, majority owned by EMC, also reported strong earnings.

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Topics

Earnings, EMC Corp., Financial Accounting, Storage, Finance, Hardware, Larry Dignan

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic.

Disclosure

Larry Dignan

Larry Dignan has nothing to disclose. He doesn’t hold investments in the technology companies he covers.

Biography

Larry Dignan

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 CNET News.com. Larry has covered the technology and financial services industry since 1995, publishing articles in WallStreetWeek.com, Inter@ctive Week, The New York Times, and Financial Planning magazine. He's a graduate of the Columbia School of Journalism and the University of Delaware.

For daily updates, follow Larry on Twitter.

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Not surprised at all. EMC is the storage standard, and I don't see them taking a hit or taking a loss anytime soon.

At my company we use NetAPP though, but NetAPP will never overtake EMC.
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