EMC Earnings: Achieves Record Quarterly Revenue
EMC Corporation (NYSE:EMC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 4.96%.
EMC Corporation Earnings Cheat Sheet
Results: Net income increased 44.22% to $1.2 billion (54 cents per diluted share) in the quarter versus a net gain of $832.05 million in the year-earlier quarter.
Revenue: Rose 7.63% to $6 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: EMC Corporation reported adjusted net income of 54 cents per share. By that measure, the company beat the mean analyst estimate of $0.52. It beat the average revenue estimate of $5.98 billion.
Quoting Management: Joe Tucci, EMC Chairman and Chief Executive Officer, said, “EMC achieved its first $6 billion quarter for revenue, capping off a record breaking 2012. Driving our strong results is the strength of our leading-edge products and services, our solid operational and financial model, and consistent execution against our strategy…
…EMC remains squarely at the center of the most disruptive and opportunity-rich shift in IT history, propelled by the benefits of cloud computing, Big Data and trusted IT. These high-priority IT spending areas are core to our strategic focus and represent market segments where EMC has established leadership positions and competitive advantage.”
Revenue increased 13.68% from $5.28 billion in the previous quarter. Net income increased 91.59% from $626.34 million in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.42 to a profit $0.41. For the current year, the average estimate is a profit of $1.69, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials.)