EMC Net Down, Customer Budgets Stabilizing
Data storage giant EMC Corp. reported second quarter net income of $205 million on revenue of $3.26 billion.
Compared to the same period a year ago, revenue was down 11 percent and net income was down 43 percent from the $360 million the Hopkinton-based company reported last year.
The company said the profit slide is the result of declining IT spending on the part of its customers. Those customers' budgets seem to be either stabilizing or improving, according to David Goulden, the company's vice president and CFO. In a statement, Goulden said "business predictability" is improving.
EMC also said that as of this morning, it had gained control of 94.2 percent of all outstanding Data Domain shares. EMC plans to close its $2.1 billion acquisition of California based Data Domain by the end of the month.
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