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Technology Stocks : EMC How high can it go? -- Ignore unavailable to you. Want to Upgrade?

To: ron grimm who wrote (5766)	4/20/1999 8:34:00 AM
From: bob gauthier	Respond to of 17183

Tuesday April 20, 8:15 am Eastern Time EMC 1st qtr profits in line, repeats rosy outlook HOPKINTON, Mass., April 20 (Reuters) - EMC Corp. (EMC - news), the leading maker of corporate data storage equipment, on Tuesday reported first-quarter results in line with expectations and reiterated its rosy outlook for 1999. EMC said net income for the first quarter was $221 million, or 41 cents per diluted share, up 51 percent in net terms from the $146 million, or 28 cents per diluted share, recorded in the first quarter of 1998. The latest quarter was a penny ahead of the 40 cents analysts expected, according to First Call. Revenue grew to a $1.13 billion, 36 percent higher than the $828 million reported in the first quarter of 1998. The results marked the eighth straight quarter in which earnings and revenue both grew by more than 30 percent. Revenue from EMC's so-called Fibre Channel data storage systems, which link computer systems at faster speeds over greater distances with far greater capacity than traditional data storage, ''nearly doubled'' to $280 million in the quarter. EMC, a supplier of more than one-third of the world's corporate data storage equipment, repeated its credo that investors should expect a better than 30 percent annual growth rate in both earnings and revenue growth for the rest of 1999, citing surveys showing it is insulated from a possible corporate spending slowdown. EMC has been combatting a dramatic fall in the value of its stock over the past week tied to renewed fears that storage sales could slow as customers focus on repairing potential Year 2000 glitches in existing equipment. The stock had plummeted to $101.44 on Monday, down from nearly $133 a week ago. -------------------------------------------------------------------------------- More Quotes and News: EMC Corp (NYSE:EMC - news) Related News Categories: computers, publishing, US Market News --------------------------------------------------------------------------------