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EMC's third quarter hits target

The tech giant, which owns most of VMware, is benefiting from virtualization and demand for storage, as it pulls in revenue of $4.21 billion.

EMC today met earnings expectations for the third quarter and raised its outlook for 2010.

The company reported earnings of $649.4 million, or 22 cents a share, on revenue of $4.21 billion. Non-GAAP earnings were 30 cents a share, in line with Wall Street estimates (statement).

As for the outlook, EMC projected non-GAAP earnings of $1.25 a share on revenue of $16.9 billion. Wall Street was projecting earnings of $1.21 a share on revenue of $16.7 billion.

EMC, which owns most of VMware, is benefiting from virtualization and demand for storage.

Read more of "EMC's third quarter on target, ups 2010 outlook" at ZDNet's Between the Lines.