EMC Fires On All Cylinders To Record Q2 Revenue, Profit2:31 PM EST Wed. Jul. 20, 2011
EMC's growth engine was firing on all cylinders during the second quarter of 2011, resulting in the company's reporting of record second quarter revenue and profit.
Driving those results was strong sales growth for all of EMC's major products as well as double-digit growth in revenue in every major sales territory worldwide
EMC on Wednesday reported revenue for its second quarter of 2011, which ended June 30, of $4.9 billion, up 20 percent over the $4.0 billion the company reported for the second quarter of 2011.
The company also reported a profit of $546 million, or 24 cents per share, up 28 percent over the $426 million it reported last year.
EMC's information storage business revenue grew a solid 19 percent over last year. EMC reported sales of its Symmetrix VMAX enterprise storage line grew 15 percent over last year, its midrange storage grew 27 percent, its part of the VMware business grew 37 percent, and its RSA information security business grew 13 percent.
The RSA revenue growth held strong despite the March breach in RSA's SecurID technology from a phishing attack.
Services revenue also did well for EMC, showing a 28 percent year-over-year growth to $3.2 billion.
EMC did well in all its major geographies, including a 17 percent increase in U.S. revenue to $2.5 billion, which accounted for 52 percent of the company's total revenue.
The rest of 2011 looks like it should turn out well, according to guidance given by EMC on Wednesday.
EMC expects total revenue for 2011 to exceed $19.8 billion, up over 16 percent compared to the company's 2010 revenue of $17.0 billion. Profit for all of 2011 is expected to come in at over $2.44 billion, compared to $1.9 billion for 2010.
In a statement, Joe Tucci, EMC chairman and CEO, attributed the company's performance to a combination of balanced growth, solid execution, and significant technology innovation.
"It is our firm belief that this strategy is well-placed and underpinned with winning products and services and strategic partners. We remain confident in our ability to continue delivering strong results this year and over the long term," Tucci said in the statement. "Furthermore, we remain committed to investing heavily to extend our technology lead and help customers and service provider partners accelerate their IT and business model transformations,"