Storage giant EMC reported strong fourth quarter, but delivered a 2013 slightly below expectations.
EMC reported fourth quarter earnings of $870 million, or 39 cents a share, on revenue of $6 billion. Non-GAAP earnings were 54 cents share in the fourth quarter. Wall Street was looking for earnings of 52 cents a share on revenue of $5.97 billion.
For 2012, EMC reported earnings of $2.7 billion on revenue of $21.7 billion, up 9 percent from a year ago.
As for the outlook, EMC projected 2013 revenue of $23.5 billion with earnings of $3 billion, or $1.35 a share, under GAAP. Non-GAAP earnings in 2013 are expected to be $1.85 a share.
Wall Street was expecting earnings of $1.90 a share on revenue of $23.56 billion.
EMC's news comes a few hours after VMware reported a strong quarter, but had a weaker-than-expected outlook. VMware is rolled up into EMC's results so the 2013 outlook isn't that surprising. Related:
- VMware's Q4: $1.29 billion in revenue, beats estimates, cloudy outlook
- VMware to cut 900 jobs, focus on strengths
In a statement, EMC CEO Joe Tucci reiterated that the company is in the middle of cloud and big data trends. The company is planning to repeat its "triple play" of increased market share, investing for growth and improving earnings.