EMC Corp. (EMC) Slips Amid Q4 Results; Outlook Gives Investors Pause
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EMC Corp (NYSE: EMC) is under pressure Tuesday morning following fourth-quarter 2012 results issued earlier.
The IT and cloud computing giant reported an 8 percent increase in Q4 revs to $6.0 billion while adjusted net income improved 12 percent to $1.2 billion, or 54 cents per share.
Consensus views called for revenue of $5.98 billion and EPS of 52 cents.
U.S. revs improved 5 percent to $3.1 billion, while revs outside the U.S. rose 12 percent.
Some key highlights from the quarter:
"Driving our strong results is the strength of our leading-edge products and services, our solid operational and financial model, and consistent execution against our strategy," commented CEO Joe Tucci.
Looking ahead, EMC sees FY13 revs of $23.5 billion and non-GAAP net income of $4.1 billion (from $3.8 billion in FY12). The Street sees FY13 revs of $23.57 billion.
Shares are down 3.5 percent early.
The IT and cloud computing giant reported an 8 percent increase in Q4 revs to $6.0 billion while adjusted net income improved 12 percent to $1.2 billion, or 54 cents per share.
Consensus views called for revenue of $5.98 billion and EPS of 52 cents.
U.S. revs improved 5 percent to $3.1 billion, while revs outside the U.S. rose 12 percent.
Some key highlights from the quarter:
- Revenue for EMC's networked storage platforms portfolio, which includes EMC's high-end and mid-tier storage platform products, grew 6 percent year over year;
- VMware (NYSE: VMW) revs rose 22 percent;
- Revenue from EMC's high-end Symmetrix storage product portfolio increased 6 percent compared with the year-ago quarter;
- Revenue from EMC's mid-tier storage products6 portfolio increased 5 percent year over year, led by continued strong revenue growth of EMC's Isilon scale-out NAS products; and
- The company also saw continued strong demand for its Flash-based caching and Flash-based storage solutions.
"Driving our strong results is the strength of our leading-edge products and services, our solid operational and financial model, and consistent execution against our strategy," commented CEO Joe Tucci.
Looking ahead, EMC sees FY13 revs of $23.5 billion and non-GAAP net income of $4.1 billion (from $3.8 billion in FY12). The Street sees FY13 revs of $23.57 billion.
Shares are down 3.5 percent early.
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