EMC reports 19 % increase in Q2

EMC Corporation has reported strong financial results for the second quarter of 2012, marking the company’s 10th consecutive quarter of double-digit year-over-year growth. Second-quarter consolidated revenue was $5.31 billion, an increase of 10 per cent compared with the year-ago quarter.  Second-quarter GAAP net income attributable to EMC increased 19 per cent year over year to $650 million.  Second-quarter GAAP earnings per weighted average diluted share increased 21 per cent year over year to $0.29. During the second quarter, EMC generated operating cash flow of $1.24 billion and free cash flow2 of $958 million, a year-over-year increase of 16 per cent  and 36 per cent, respectively.  Additionally, the company expanded GAAP and non-GAAP gross margin and operating margin percentages on a year-over-year basis, and ended the quarter with $10.9 billion in cash and investments. Joe Tucci, EMC Chairman and Chief Executive Officer, said, “I am very pleased with EMC’s execution and record second-quarter financial performance.  We are seeing a transformation in the IT industry unlike anything we have seen before.  Organizations are moving quickly to adopt cloud computing and take advantage of both the efficiency and agility that comes with running IT-as-a-Service. Customers are also looking to deploy a new generation of Big Data applications to gain competitive advantage and differentiate their businesses.  And they demand that all this be done in a secure and trusted way.  EMC is widely recognised as a leader and driver of this transformation.” From:Gulftoday