FRAMINGHAM (04/18/2000) - Internet projects by big customers such as The Home Depot Inc. and Bertelsmann AG helped fuel demand for EMC Corp.'s storage products and drive first-quarter earnings and revenue growth.
Diluted earnings per share jumped 50 percent from $0.20 in the first quarter of 1999 to $0.30 for the period ended March 31, 2000. Analysts were expecting the company to report earnings per share of $0.29, according to First Call Corp.
Revenue for the quarter climbed 23 percent to $1.82 billion, compared with $1.48 billion for the same period last year.
Net income for the Hopkinton, Massachusetts-based storage giant topped $332 million, a 49 percent surge from the $222 million the company netted in the first quarter of 1999.
The consolidated results included both EMC's storage business and its Data General division. EMC acquired Data General Corp. last October for roughly $1.1 billion.