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Innovation

EMC's second quarter, 2011 outlook strong

Storage giant EMC delivered strong second quarter earnings and remained upbeat about its prospects for 2011.
Written by Larry Dignan, Contributor on

Storage giant EMC delivered strong second quarter earnings and remained upbeat about its prospects for 2011.

EMC reported second quarter earnings of $546 million, or 24 cents a share, on revenue of $4.85 billion, up 20 percent from a year ago. Non-GAAP earnings were 35 cents a share. Wall Street was looking for earnings of 34 cents a share on revenue $4.73 billion.

The company also raised its outlook for fiscal 2011. EMC projected that 2011 revenue will top $19.8 billion with earnings of $2.44 billion, or $1.07 a share. Non-GAAP earnings will top $1.48 a share. That outlook was in line with current Wall Street expectations. In a statement, EMC CEO Joe Tucci said that the company is riding the cloud computing and big data waves. Dave Goulden said that the company's strategy is on target.

On Tuesday, VMware, majority owned by EMC, also reported strong earnings.

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