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EMC beats Street as sales surge

EMC Corp. (Nasdaq: EMC), an enterprise storage company, topped estimates Wednesday with third quarter earnings of $310 million, or 29 cents a share, on sales of $1.33 billion.

First Call consensus called for a profit of 27 cents a share.

EMC's third quarter sales were up 33 percent from a year ago. Software revenue was up 76 percent to $207 million and its core storage system sales were up 28 percent to $1.01 billion.

Business has been booming for EMC, but the company competes with upstarts such as Dell Computer (Nasdaq: DELL) and traditional foes such as Compaq Computer (NYSE: CPQ) and Sun Microsystems (Nasdaq: SUNW).

The company said it was the 10th consecutive quarter of earnings and revenue growth of at least 30 percent. International sales were strong with revenue from Asia up 45 percent.

In a statement, EMC CEO Michael C. Ruettgers said the company was gaining market share while improving margins. Gross margins were 57.5 percent in the quarter compared to 52.3 percent in the year ago quarter.

The company recently acquired Data General and closed the deal Oct. 12.