Hopkinton-based data storage and infrastructure giant EMC Corp., the largest private employer in Central Massachusetts, grew its sales but had lower profits in its first fiscal quarter of 2013, it reported today.
For the quarter ended March 31, the company had $5.39 billion in revenue, up 5.8 percent from the same quarter a year ago. Profits were $615 million, down 1.8 percent from last year.
EMC announced it would buy back $1 billion in shares this year.
The company launched a new subsidiary during the quarter called Pivotal, which will use staff and technology from both EMC and its California-based virtualization subsidiary VMware. The company will make enterprise platform-as-a-service products.
EMC also announced today that General Electric will take a 10-percent stake in the new company for $105 million.
EMC said its financial outlook for the year ahead remains unchanged at $23.5 billion.
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