HOPKINTON, Mass. -- EMC Corporation (NYSE: EMC), the world leader in information infrastructure solutions, today announced all-time record first-quarter revenue and its 19th consecutive quarter of double-digit year-over-year revenue growth. EMCs total consolidated revenue for the first quarter of 2008 was $3.47 billion, an increase of 17% over the $2.98 billion reported for the first quarter of 2007.
First-quarter GAAP net income was $268.8 million, or $0.13 per diluted share, which included a $79.2 million non-cash charge for in-process research and development (IPR&D) resulting from acquisitions completed during the quarter. Excluding this charge, net income was $348.0 million or $0.16 per diluted share. Non-GAAP first-quarter net income, which excludes the IPR&D charge and other items¹, was $477.3 million or $0.23 per diluted share, 28% higher than the non-GAAP earnings per diluted share of $0.18 for the year-ago period.
During the quarter, EMC generated operating cash flow of $918.3 million, an increase of 14% compared with the same period a year ago, and free cash flow of $717.5 million, an increase of 22% year-over-year.
Joe Tucci, EMC Chairman, President and Chief Executive Officer, said, EMC is off to a solid start to the year, and we remain on track to achieve the 2008 financial targets we set for the business at the beginning of the year. We entered the year with the strongest and most diversified product, solutions and services portfolio in our history. From the consumer to the small- and medium-sized business and up through the enterprise, we are delivering to the market high-quality, innovative IT solutions faster than ever before. These offerings remain squarely aligned with top CIO spending priorities and are optimized to help businesses manage their information and drive IT efficiency throughout their organizations.