EMC Q4 Profit Jumps
Shares down on VMware
EMC Corp.'s fourth-quarter profit jumped 35 percent, beating Wall Street expectations, as the data storage vendor posted strong sales gains across all its major business segments and forecast hefty revenue growth this year.
Hopkinton-based EMC said its net income for the October-December period was $525.7 million, or 24 cents per share, compared with a profit of $388.8 million, or 18 cents per share, in the same period a year earlier. Revenue rose 19 percent to $3.83 billion from $3.21 billion a year ago.
Shares of EMC fell $1.32, or 7.8 percent, to $15.59 in morning trading the day of the earnings announcement. Shares of VMware, an EMC subsidiary, were down $26.36, or 31.7 percent, to $56.64, after the maker of so-called "virtualization" software reported fourth-quarter revenue of $412.5 million that fell short of analysts' expectations of $417.4 million. (AP)
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