EMC has announced its 4th quarter revenue and 2014 full year financial results, revealing $7 billion in revenue, a rise of 5% year over year.
GAAP net income attributed to EMC was $1.15 billion, this represents an increase of 12% compared with the same quarter last year. Non-GAAP net income was at $1.4 billion, an increase of 10% compared with the same quarter last year. Q4 revenue from Emerging Storage grew 40% year over year and full year 2014 revenue grew by 52% year over year.
For the full year, EMC has revealed that revenue was $24.4 billion, however, GAAP net income for 2014 was $2.7bn, which is down 6%year over year.
Joe Tucci, Chairman and CEO, said, "EMC demonstrated solid performance in the fourth quarter and over the course of 2014. Our strategy is working well despite a challenging and rapidly changing IT environment."
"The company stands at the forefront of our industry with a leading portfolio of solutions and services to help customers optimize their existing infrastructures and build new ones that take advantage of opportunities created by cloud, mobile, social and Big Data. We enter 2015 financially strong and well positioned to continue capturing greater market share."
Zane Rowe, EMC CFO, said, "EMC is establishing a solid foundation for the future, while also delivering near-term growth as we transform our business. Thanks to the unified team effort, in 2014 EMC grew revenue and EPS, gained share, increased our dividend and accelerated our buyback program – returning $3.9 billion to shareholders."
"Our strong operational results were impacted by currency fluctuations and EMC’s investments in high-growth businesses. While we expect these factors to continue to impact 2015 results, we remain focused on driving growth for shareholders and delivering best-in-class solutions for customers."
VMware, displayed continued growth wth fourth-quarter and 2014 revenue within EMC both up 16%, this displays customers continuing investment into software-defined data centres, hybrid cloud solutions and end-user computing.The fastest growing EMC business though was Pivotal, who grew fourth-quarter revenue of 18% and full year 2014 revenue 27%. Customers seem eager to leverage the portfolio to build third platform applications.
Globally, EMC’s fourth-quarter revenue from North America grew by 6% year over year, representing a growth of 7% for the year. Growth in Europe, Middle East and Africa grew by 6% year over year. While Asia Pacific and Japan grew 2%, the biggest year over year growth was seen in Latin America (8%).