Net income up 92% on year ago quarter
EMC has reported revenues of $3.9bn in the first quarter of 2010, an increase of 23% compared to $3.15bn in the same period a year ago.
In the quarter, the company expanded gross and operating margins on a year-over-year basis and achieved quarterly operating cash flow of $1.3bn and quarterly free cash flow of $1.1bn. The company completed the first quarter with $10.2bn in cash and investments.
Net income attributable to the company was $373m, an increase of 92% compared to $205m in the same period last year.
During the quarter, the company’s Information Infrastructure business, comprising product and service revenue from the company’s information storage, RSA Security, and content management and archiving business segments reached $3.3bn, up 22% year over year.
Geographically, revenue from the US region rose by 29% to $2.1bn, accounting for 54% of consolidated first-quarter revenue. Revenue from business operations outside of the US reached $1.8bn, an increase of 17% year over year. Europe, Middle East and Africa, Asia Pacific and Japan and Latin America regions revenue rose by 16%, 11% and 28%, respectively.
Joe Tucci, chairman and chief executive officer of EMC, said: EMC is off to a strong start in 2010, turning in the best first quarter in company history with record first-quarter revenue, high double-digit profit growth and all-time record free cash flow. Our private cloud strategy and focus on four multi-billion dollar markets – each expected to experience rapid growth for many years to come – are resonating very well with customers.”
The company expects revenues to be $16.5bn and operating income to be 14% to 15% of revenues for 2010. Diluted earnings per share is expected to be $0.84 for 2010.