Independent storage company EMC has joined the big boys with its first billion dollar quarter, beating Wall Street's expectations.
As well as setting record revenues for its third financial quarter, EMC said it also managed to increase its growth rate and profit margins.
"In many ways, the third quarter marks EMC's most impressive quarter to date," said president and chief executive officer Michael Ruettgers, in a statement. "Our 53 per cent gain in quarterly net income is one of the highest rates for EMC in recent years, and our 20 per cent net profit margin represents our highest quarterly return on sales this decade."
Revenue for the quarter was just over the $1 billion mark at $1,002 million up 37 per cent on the previous year. Net income was $201 million, or 38 cents a share, compared to 25 cents a share in the same period last year, and two cents more than Wall Street had predicted.
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