EMC back in the black
EMC lifted its first quarter revenue higher with the help of an ongoing cost-cutting program and the release of new product.
The storage maker posted revenue of $1.38 billion for the quarter ended in March. This total marks a 6 percent rise over the same quarter last year when EMC reported revenue of $1.30 billion.
Net income hit $35 million in this quarter, as compared to a net loss of $77 million last year.
Company executives chalked up the gains to a continued trimming of the fat across the company, which has helped it meet a break even target of $1.3 billion a quarter ahead of forecasts.
EMC saw the most dramatic growth out of its services arm. This business grew 28 percent year-on-year to post $306 million in revenue.
Hardware, however, continues to pay most of the bills at EMC and accounted for $752 million in revenue -- a 1 percent rise over last year's first quarter.
EMC pointed to strong sales of its new Symmetrix DMX high end systems as one reason for the growth in the hardware business. This series of products accounted for 56 percent of the $575 million total of all Symmetrix sales.
EMC software business grew 6 percent to $299 million.
Revenue in the second quarter is expected to be between $1.43 billion and $1.48 billion. ®