EMC: Customers more comfortable about IT budgets
Company reports better-than-expected results, though earnings down 24 percent from the same period a year ago.
EMC Chief Executive Joe Tucci said Thursday that customers are "signaling more comfort spending their IT budgets." The company reported better-than-expected third-quarter results.
The storage giant reported earnings of $298.2 million, or 14 cents a share, down 24 percent from the same period a year ago. Revenue was $3.52 billion, down 5 percent from a year ago. Under a non-GAAP basis, EMC reported earnings of $480.3 million, or 23 cents a share, 2 cents better than Wall Street estimates.
Generally speaking, EMC has been well-positioned in the downturn because of a focus on storage, cloud computing, virtualization, and data centers--hot areas in enterprise IT.
Read more of "EMC: Customers have 'more comfort' about IT budgets" at ZDNet's Between the Lines.