April 23, 2008
Q1 Profit Down As Revenue Rises At EMC
By Matthew L. Brown
Along with a 17 percent increase in first-quarter revenue, Hopkinton IT giant EMC Corp. reported a net income plunge of 14 percent.
The company said revenue for the quarter was $3.47 billion compared to $2.97 billion for the same period a year ago. Net income for the quarter was $268 million, down from $312 million a year ago.
The company said the income dip was partially due to a $79.2 million research and development charge related to acquisitions made during the quarter.
The quarter's revenue growth was fed by the company's systems, software and services division, all of which posted double-digit revenue increases. The company also increased its operating cash flow by 14 percent to $918 million.
The company said revenue for the quarter was $3.47 billion compared to $2.97 billion for the same period a year ago. Net income for the quarter was $268 million, down from $312 million a year ago.
The company said the income dip was partially due to a $79.2 million research and development charge related to acquisitions made during the quarter.
The quarter's revenue growth was fed by the company's systems, software and services division, all of which posted double-digit revenue increases. The company also increased its operating cash flow by 14 percent to $918 million.
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