EMC pulls in $5bn in first quarter

The storage company saw revenue of $5bn in its first quarter, as it made a confident forecast of market growth

Storage giant EMC has delivered a strong first quarter, maintained its outlook and said IT spending looks to be on track for growth of about three percent to four percent in 2012.

EMC reported first-quarter earnings on Thursday of $587m (£364m), or 27 cents a share, on revenue of $5.09bn, up 11 percent from a year ago. Non-GAAP earnings checked in at 37 cents a share. Wall Street was expecting earnings of 36 cents a share on revenue of $5.12bn.

EMC chief financial officer Dave Goulden said that he expects storage growth rates to return to historical norms. "We're comfortable with how our storage business is trending," Goulden said. "After two years of above trend line growth, we expect the high-end storage markets to return to the long-term single-digit growth profile we projected for these segments."

For more on this ZDNet UK-selected story, see EMC: Strong Q1, outlook on target on ZDNet.com.

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