EMC Follows VMware Higher On Earnings (EMC, VMW)
April 23, 2008 by Douglas A. McIntyreShares 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 [email protected] and he does not own securities in the companies he covers.
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