EMC Follows VMware Higher On Earnings (EMC, VMW)

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Shares of EMC Corp. are running up after earnings.  The company’s net income of $268.8 million came to $0.13 EPS GAAP and $0.16 EPS non-GAAP while revenues were $3.47 Billion.  First Call had estimates of $0.16 EPS and $3.45 Billion in revenues.

Storage systems posted a gain of 10% revenue gain, and that is its largest group.  Software license and maintenance revenue rose 18%.

CEO Joe Tucci also noted that the company is off to a strong year and that the company is on track to meet targets set at the beginning of the year.

The company also spent approximately $557.2 million to repurchase approximately 36 million shares of EMC common stock, which comes to roughly $15.47 per share.

EMC shares are up 5% at $15.39 in pre-market trading; and the 52-week trading range $14.01 to $25.47.  After VMware’s earnings last night, its shares are up 12.5% at $65.27 in pre-market trading.

Jon C. Ogg
April 23, 2008

Jon Ogg is a producer of and editor for both the Special Situations newsletter and the "10 Stocks Under $10" weekly newsletter for 247WallSt.com; he can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.