EMC sees extending dominance
By Ted Griffith, CBS.MarketWatch.com
Last Update: 3:59 PM ET Sep 19, 2000 NewsWatch
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BOSTON (CBS.MW) - EMC Corp. expects to eventually grab the top market share in a segment of the computer data storage business known as network attached storage, EMC's chief executive reaffirmed Tuesday.
Overall, EMC (EMC: news, msgs) is the No.1 provider of hardware and software for computer data storage. But Network Appliance Inc. (NTAP: news, msgs) leads in the network attached storage subsector.
EMC officials have been saying recently that they ultimately expect to take the top spot in selling network attached storage devices, which are used to relay data between server computers over long distances.
Speaking at an SG Cowen conference in Boston, EMC CEO Michael Ruettgers said the company remains confident about the network attached market, but he didn't cite a date for when EMC expects to take the leadership position.
Ruettgers said the total network attached storage market will grow from $2 billion in sales annually now to $6 billion annually in 2003.
Ruettgers said the Hopkinton, Mass.-based company will benefit because it has established a strong position in the market for higher-end network attached storage devices.
"High-end network attached storage is where the market is headed," Ruettgers said at the conference. "The market is moving to where we already are."
Ruettgers also offered a bullish outlook for EMC's overall business, saying he continues to expect EMC will generate $12 billion in revenue in 2001. Analysts expect EMC to report about $8.5 billion in revenue this year.
EMC shares were up $2.81 to $98.50 in recent action. Since the beginning of the year, shares are up 73 percent.
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Ted Griffith is a reporter for CBS.MarketWatch.com |
