EMC reports US$477mn in Q1 net profits

- Monday, April 25, 2011

EMC reports US$477mn in Q1 net profits

US storage solutions supplier EMC's (NYSE: EMC) first quarter net profits of US$477mn were up 28% year-over-year, according to results released by the company.

EMC posted consolidated revenue of US$4.6bn during 1Q11, representing 18% growth compared with 1Q10. Revenues for business operations outside of the US grew 26% to US$2.2bn, representing 49% of the company's consolidated Q1 revenue.

During the quarter, the company's storage product portfolio Symmetrix saw revenues increase 25% year-over-year, while its mid-tier storage products grew 20%.

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Without providing hard figures, EMC said revenue for California-based virtualization software firm VMware (NYSE: VMW) - in which EMC owns a majority stake - grew 8% during the quarter.

For full 2011, EMC expects its consolidated net income to hit US$2.5bn, while revenue is estimated to come in at US$19.6bn. The company forecasts net income attributable to the non-controlling interest in VMware at US$117mn.

Additionally, EMC expects to repurchase US$1.5bn of its own stock this year.

Use this link to view the full results.