EMC Corp. (EMC) Misses Q3 EPS by 1c

EMC Corp. (NYSE: EMC) reported Q3 EPS of $0.43, $0.01 worse than the analyst estimate of $0.44. Revenue for the quarter came in at $6.08 billion versus the consensus estimate of $6.17 billion.

Joe Tucci, EMC Chairman and CEO, said, “This is an historic time for EMC and the entire IT industry. EMC combining with Dell, two highly complementary companies, will create a tech industry powerhouse - a new company with more than $80 billion in revenue that is extremely well positioned for a new era. We firmly believe that this compelling combination is the best strategic option for all our stakeholders. Our customers are sharing overwhelmingly positive feedback about the potential of having a strategic partner with more heft and relevance to drive their digital transformations.”

Zane Rowe, EMC CFO, said, “EMC Emerging Storage, Pivotal and VMware generated positive momentum in the third quarter, thanks to the hard work of the entire EMC team. We continue to be relentlessly focused on building upon the strength of our portfolio and being more efficient. More specifically, the $850 million cost reduction and business transformation plans are on track, and the team is working on many initiatives in areas such as SKU simplification, facilities and manufacturing optimization, and direct material procurement that span EMC’s global operations.”

David Goulden, CEO of EMC Information Infrastructure, said, “As the broader market shifts toward cloud, mobile, social and Big Data, we continue to expect newer storage technologies revenue to grow at high teens while traditional stand-alone storage systems revenue to decline at low teens. We anticipated this trend ahead of the broader market and evolved to a wider and deeper portfolio that has reached an interesting inflection point. For the first time in Q3, our newer storage products6 now make up more than half of our strategic storage business7. This is a good indicator of the progress we’ve made in transitioning the portfolio, setting EMC up nicely for the future.”

For earnings history and earnings-related data on EMC Corp. (EMC) click here.

You May Also Be Interested In

• Intuitive Surgiical (ISRG) beats earnings, revenue expectations in Q1
• United Security Bancshares (UBFO) Reports Q1 EPS of $0.24
• Endexx Corporation (EDXC) Reports Q1 Loss of $0.01