UPDATE: EMC Posts In-Line Q2 Earnings, Raises Earnings Outlook
EMC (NYSE: EMC) reported in-line earnings for the second quarter and lifted its 2014 adjusted earnings forecast.
EMC now expects 2014 earnings of $1.91 per share, versus its earlier forecast of $1.90 per share.
The Hopkinton, Massachusetts-based company reported a quarterly profit of $589 million, or $0.28 per share, versus a year-ago profit of $701 million, or $0.32 per share. Its adjusted earnings came in at $0.43 per share.
Its revenue rose 5% to $5.9 billion. However, analysts were expecting earnings of $0.43 per share on revenue of $5.84 billion.
EMC increased its share buyback plan for the year to $3 billion versus $2 billion. During the second quarter, the company repurchased around $600 million worth of its common stock.
The company's information infrastructure revenue gained 1%, while emerging storage business revenue climbed 52% in the quarter. VMware revenue increased 17%, while Pivotal revenue rose 29%.
David Goulden, CEO of EMC Information Infrastructure and EMC's Chief Financial Officer, said, “EMC performance in Q2 was solid and on track, with good performance from each of our major business units.”
EMC shares rose 0.49% to $28.66 in pre-market trading.
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