Storage giant EMC reported strong fourth quarter results with a 2012 outlook that was in line with Wall Street expectations. The company also expects to grow twice as fast as information technology spending overall.
EMC reported fourth quarter earnings of $832 million, or 38 cents a share, on revenue of $5.6 billion, up 14 percent from a year ago. Non-GAAP earnings were 49 cents a share. Wall Street was expecting fourth quarter non-GAAP earnings of 46 cents a share on revenue of $5.49 billion.
For 2011, EMC reported earnings of $2.5 billion, or $1.10 a share, on revenue of $20 billion, up 18 percent from a year ago.
As for the outlook, EMC CFO David Goulden projected non-GAAP earnings of $1.70 a share on revenue of $22 billion. Wall Street was expecting $1.71 a share in earnings and $22 billion in sales.
In a statement, EMC CEO Joe Tucci touted the company's ability to hit the key movements---cloud computing, virtualization and big data---that are revamping enterprise IT.
By the numbers for the fourth quarter:
Information storage revenue was up 12 percent in the fourth quarter with high-end systems up 11 percent.