EMC Plans Layoffs, New Hires In Wake Of Strong Revenue, Earnings Growth

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On a non-GAAP basis, income was $1.3 billion, up 7 percent over last year. EMC also said GAAP earnings rose 23 percent over last year to reach 48 cents per share, while non-GAAP earnings hit 60 cents per share, up 11 percent.

For all of 2013, total EMC revenue hit $23.2 billion, up 7 percent compared to full year 2012's revenue of $21.7 billion. EMC saw growth across the board, with revenue for its Information Infrastructure business up 5 percent year-over-year, while its VMware and Pivotal businesses both grew 15 percent.

GAAP income for all of 2013 hit $2.9 billion, including $204 million from VMware. That was up 6 percent over the $2.7 billion EMC reported for full year 2012. On a non-GAAP basis, income was reported to be $3.9 billion, up 4 percent. GAAP earnings for all of 2013 hit $1.33 per share, up 8 percent, while non-GAAP earnings hit $1.80 per share, up 6 percent.

The North American market was kind to EMC, with sales in the fourth quarter up 11 percent and for the full year up 6 percent. EMC's Europe market recovered in the fourth quarter, with sales there up 15 percent over last year. Sales to Latin America rose 17 percent in the fourth quarter, but sales in Asia rose only 1 percent.

EMC's shares were down about 36 cents, or 1.4 percent, by the middle of the trading day Wednesday.


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