EMC profit and revenue begin to bounce back

Storage vendor EMC has reported third quarter results showing revenue up eight per cent from the last quarter at US$3.52bn ($3.82bn), but down five percent year on year.

Although revenue results exceeded the previous outlook of four to five percent revenue growth, profits were down 24 per cent year-on-year to US$298m, but up 45 percent on the previous quarter.

EMC chief executive Joe Tucci said: "EMC is well positioned to capitalise on four of the higher-growth, multi-billion-dollar market opportunities around fully virtualised data centres, cloud computing, virtualised desktops and clients, as well as next-generation backup and recovery."

EMC's financial predictions for next year see revenue of US$4bn, and cost savings of US$500m compared with 2008.