Virtualisation boosts EMC's third-quarter earnings

The storage specialist has met analysts' expectations for the third quarter of 2010 with earnings of $649m, driven by rising demand for virtualisation and storage
Written by Larry Dignan, Contributor

Information storage specialists EMC on Tuesday met earnings expectations for the third quarter and raised its outlook for 2010.

EMC reported earnings of $649.4m (£412.5m), or 22 cents a share, on revenue of $4.21bn. Non-GAAP earnings were 30 cents a share, in line with Wall Street estimates, the company said in a statement. As for the outlook, EMC projected non-GAAP earnings of $1.25 a share on revenue of $16.9bn. Wall Street was projecting earnings of $1.21 a share on revenue of $16.7bn.

EMC, which owns most of VMware, is benefiting from virtualisation and demand for storage. In a statement, EMC chief executive Joe Tucci said that the company can continue to grow at a double-digit rate.

For more on this ZDNet UK-selected story, see EMC's third quarter on target, ups 2010 outlook on ZDNet.com.

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