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EMC Tackles Tough Spending Climate

Vendor's Q2 results beat estimates, but CEO Tucci warns that times are still hard

The tough economic climate shows no signs of letting up, according to EMC CEO Joe Tucci, despite the vendors strong second quarter results, which were released this morning.

EMC posted second quarter revenues of $3.67 billion, an 18 percent hike on the same period last year, and well above analyst estimates of $3.56 billion.

The vendor’s earnings were 18 cents per share on net income of $377.5 million, compared to 16 cents and $334.4 million in the year-ago quarter.

On a non-GAAP basis, EMC reported earnings of 24 cents on net income of $511.7 million, 20 percent higher than the 20 cents reported in the second quarter of 2007. Analysts had estimated earnings of 17 cents.

“Our overall performance in Q2 was strong, especially when you consider the tough economic climate in which we operated,” said Joe Tucci, the EMC CEO, during a conference call this morning. “We achieved double-digit growth rates in our three geographies.”

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