EMC Books 92% Q1 Profit Gain
EMC Corp. of Hopkinton reported a $373 million profit on revenue of $3.9 billion in the first quarter.
The quarter's revenue was a 23 percent increase over the same period a year ago for the data storage giant and the profit was a 92 percent improvement.
The company ended the quarter with operating cash flow of $1.3 billion and $10.2 billion in cash and investments on the books.
EMC executives said customers appeared to be willing to "move forward with increased confidence" during the quarter. Those customers are now focusing on projects rather than solely on cost cutting, the company said.
About $2.1 billion of first quarter revenue was from customers in the United States, the company said.
The company expects to finish 2010 with revenue of $16.5 billion and operating income between 14 percent and 15 percent of revenue.
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