EMC Q1 soft as orders slip
EMC's first quarter results fell short of expectations as the company saw storage orders slip.
The storage giant reported first quarter earnings of $603 million, or 14 cents a share on revenue of $5.5 billion, down 2 percent from a year ago. Non-GAAP earnings were 31 cents a share.
Wall Street was looking for non-GAAP earnings of 33 cents a share on revenue of $5.6 billion.
EMC will be folded into Dell in $67 billion merger. CEO Joe Tucci said the first quarter was in line, but the company was stuck with "an excess of unfulfilled orders at the end of the quarter."
The company's core storage business saw revenue fall 6 percent from a year ago. Pivotal revenue was up 56 percent compared to a year ago.
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On a conference call with analysts, Tucci said that flash system demand was strong. He added that the company will be announcing more flash systems at EMC World in two weeks.
EMC executives also said that the integration with Dell is moving along and the deal is on track.
