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ShareEMC Weathers Stormy Quarter, Denies Technology Threats
Posted by James Rogers on April 23, 2008
Despite increasingly tough market conditions, EMC posted a solid set of Q1 results this morning, which saw its revenues jump 17 percent to $3.47 billion, just above analyst estimates.
The vendor also denied that technologies like thin provisioning and de-duplication are cutting into earnings, and CEO Joe Tucci appeared to leave open the potential for EMC to sell more of its stake in VMware.
On a GAAP basis, the vendors earnings were 13 cents per share on net income of $268.8 million, down from $312.6 million and 15 cents in the year-ago quarter, although this quarter’s figure included a $79.2 million non-cash charge for acquisition expenses.
EMC’s non-GAAP earnings were 23 cents per share on net income of $477.3 million, up from 18 cents and $384.5 million in the same period last year. Analysts had estimated earnings of 16 cents.
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