EMC marks strong second-quarter earnings

EMC marks strong second-quarter earnings

Summary: The company has reported earnings that are better than Wall Street's predictions, which has prompted a raised yearly outlook

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TOPICS: Tech Industry
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EMC delivered a better than expected second quarter on Wednesday and raised its outlook amid strong demand for storage as datacentres are upgraded. EMC expects IT spending to be up 3 percent to 5 percent in 2010.

The storage giant had earnings of $426m (£279m), or 20 cents a share, on revenue of $4.02bn. Non-GAAP earnings were 28 cents a share. Wall Street was expecting earnings of 27 cents a share on revenue of $3.98bn.

EMC also raised its outlook. For 2010, the company said that it will top its previous projection for earnings of 84 cents a share on revenue of $16.5bn. Non-GAAP earnings for the year will also be better than the $1.18 a share projected by EMC in April. Wall Street was expecting earnings of $1.20 a share on revenue of $16.6bn.

For more on this story, see EMC ups outlook, rides data center upgrade wave on ZDNet.com.

Topic: Tech Industry

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