Reuters: Global Markets: EMC profit beats Street; revenue up 11 percent

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EMC profit beats Street; revenue up 11 percent Apr 19th 2012, 11:46 Thu Apr 19, 2012 7:46am EDT (Reuters) - EMC Corp (EMC.N), the world's biggest maker of corporate data storage equipment, reported a higher quarterly profit as revenue rose 11 percent on continuing demand for cloud computing. First-quarter net income attributable to EMC rose 23 percent to $586.8 million, or 27 cents per share, the company said on Thursday. Excluding one-time items, the company earned 37 cents per share, just above analysts' average estimate of 36 cents. Consolidated revenue rose to $5.09 billion. The company said it was well on its way to achieving 2014 consolidated revenue of more than $28 billion, which represents compound annual growth of at least 13 percent from 2010. "Based upon our strong start to the year and our opportunity, we now have greater confidence in our ability to meet and potentially exceed our 2012 financial goals for consolidated revenue, non-GAAP EPS and free cash flow," Chief Financial Officer David Goulden said. EMC is benefiting from growing demand for cloud computing -- the delivery of computing power, software and storage from centralized data centers that run on technologies introduced over the past few years. "We are in a time of unprecedented IT and business transformation, propelled by the benefits of cloud computing, Big Data and trust," Chief Executive Joe Tucci said. Rival IBM (IBM.N) on Tuesday raised its full-year outlook after beating quarterly profit expectations thanks to strong software demand. EMC stock lost 1.3 percent to $28.75 in premarket trading. (Reproting by Nicola Leske and Sayantani Ghosh; editing by John Wallace) Link this Share this Digg this Email Reprints

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