Tags: US | Earns | EMC

EMC Profit Nearly Doubles as Tech Spending Rises

Wednesday, 21 Apr 2010 10:08 AM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

Data-storage company EMC Corp. reported a 92 percent jump in net income Wednesday and raised its full-year forecast, with technology spending rebounding.

The company said it earned $373 million, 17 cents per share, for the first quarter. That compares with $194 million, 10 cents per share, in the same period of 2009.

Excluding one-time items such as restructuring and acquisition-related costs, EMC would have earned 26 cents per share. On that basis, earnings topped the average forecast of 24 cents, according to Thomson Reuters.

Revenue climbed 23 percent to $3.9 billion, beating the forecast of $3.7 billion.

The company's stock climbed 49 cents, or 2.5 percent, to $19.90 ahead of regular trading.

The sharp increase in revenue at EMC, following optimistic reports from tech bellwethers IBM Corp. and Intel Corp., should add to the evidence that technology spending by businesses is growing again after the recession forced many companies to put off updating older equipment and software.

In a statement, EMC Chief Financial Officer David Goulden said corporate customers are showing "increased confidence" and moving beyond just cost-cutting initiatives.

The company now expects 2010 earnings of $1.18 per share, excluding items, on revenue of $16.5 billion. Analysts were looking for $1.14 per share and revenue of $16 billion.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Obama's Risky Shifts in Foreign Policy

Wednesday, 17 Dec 2014 09:23 AM

Obama has noted that the prime minister of Turkey, Recep Tayyip Erdogan, was his closest ally, someone on whom he can de . . .

Rabbi Murders Underscore Israel's Plight

Tuesday, 02 Dec 2014 11:08 AM

Images of distinguished rabbis hacked to death in a blood-soaked synagogue floor during a prayer service are about a hat . . .

Iran Benefits from Mideast Chaos

Tuesday, 18 Nov 2014 08:39 AM

We are spiraling down a dangerous hole that makes military action more than less likely in the future , an option no one . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved