EMC profit and revenue begin to bounce back

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EMC profit and revenue begin to bounce back

Figures still down on 2008.

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.

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