EMC revenue up, net income in the black for Q1

Data storage vendor EMC Wednesday reported first-quarter 2003 revenue totalling US$1.38 billion, up 6 percent from the $1.30 billion in revenue it reported for the same period one year ago. The company said net income for the first quarter was $35 million, or 2 cents per diluted share, compared with a net loss of $77 million, or 3 cents per diluted share, one year ago.

The results are an improvement over the company's financial performance in the fourth quarter of 2002, when EMC recorded a loss of $64 million and a full-year net loss of $119 million for 2002.

Joe Tucci, EMC's president and CEO, said in a statement that the company is brightening its financial picture through product innovation and value. "As a result, I believe we again gained market share during the first quarter," he said.

Revenue from information storage software was 6 percent higher in the first quarter of 2003 than it was in the first quarter of 2002, according to the company, and first-quarter revenue from information storage services was up 28 percent from a year earlier.

The company said it expects second-quarter revenue to be between $1.425 billion and $1.475 billion, with earnings per share anticipated at about 3 cents per diluted share.

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