EMC Reports Record First-Quarter Financial Results
finance.yahoo.com
First-Quarter Highlights
- Record first-quarter consolidated revenue up 23% year over year
- GAAP net income up 92% year over year
- Record first-quarter non-GAAP net income up 70% year over year
- Record quarterly operating cash flow and free cash flow
- Strong Year-over-year increase in gross and operating margins
Joe Tucci, EMC Chairman and Chief Executive Officer, said, “EMC is off to a strong start in 2010, turning in the best first quarter in company history with record first-quarter revenue, high double-digit profit growth and all-time record free cash flow. Our private cloud strategy and focus on four multi-billion dollar markets – each expected to experience rapid growth for many years to come – are resonating very well with customers. We are confident in our ability to lead the next major wave of IT, maintain a long-term double-digit revenue growth rate and continue to take share.”
David Goulden, EMC Executive Vice President and Chief Financial Officer, said, “During the first quarter, we saw customers move forward with increased confidence, focusing not only on cost cutting initiatives, but beginning new innovative projects in their traditional and virtual data center infrastructures. This helped us clearly achieve the ‘triple play’ we projected last quarter by gaining market share while investing for the future and increasing profitability. Looking ahead, we remain confident that we’ll continue to execute on all three of these areas.” |
