EMC's 2Q Profits Rise - InformationWeek

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EMC's 2Q Profits Rise

The storage vendor made $82 million in the quarter as revenue grew 7% to $1.48 billion.

HOPKINTON, Mass. (AP) -- Data storage company EMC Corp. posted a much larger profit for the second quarter, beating Wall Street expectations after barely breaking even a year ago.

The Hopkinton-based company said Wednesday that customers were showing moderate interest in a range of new hardware and software products despite continued weakness in the technology sector.

EMC, which last week announced plans to acquire Legato Systems in a deal initially valued at $1.3 billion, said it earned $82 million, or 4 cents per share in the second quarter, compared with earnings of $1 million--essentially break-even on a per share basis--a year ago.

Wall Street analysts surveyed by Thomson First Call expected EMC to earn 3 cents per share, and EMC said last week it would meet or beat that figure by a penny.

Revenue rose 7 percent to $1.48 billion to $1.39 billion a year earlier.

Additionally, EMC said it also expects to earn 4 cents per share in the third quarter, in line with Wall Street expectations, and reiterated that it expects to be profitable in the fourth-quarter as well.

For the first half of the year, EMC earned $116.9 million, or 5 cents a share, versus a loss of $76.1 million, or 3 cents a share, a year ago.

Revenue rose to $2.86 billion for the first half from $2.69 billion a year ago.

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