logo
  Join        Login             Stock Quote

EMC (EMC) Guides Earnings Below View, 4Q Tops Estimates

 January 29, 2013 07:55 AM
 


(By Balachander) EMC Corp. (NYSE: EMC) guided earnings for the full year below market expectations and shares of the provider of enterprise storage systems retreated 3.45 percent in premarket trading on Tuesday. The company, meanwhile, reported better-than-expected results for the fourth quarter.

Non-GAAP earnings per share (EPS) for the fourth quarter increased 10 percent to 54 cents, and topped market expectations of 52 cents.

GAAP earnings attributable to EMC grew 12 percent to $1.2 billion. 

Revenue rose 8 percent to $6.00 billion, versus Wall Street projections of a growth of 7.20 percent.

[Related -Cisco Systems, Inc. (NASDAQ:CSCO): What Cisco May Add To Next-Gen UCS?]

The Hopkinton, Massachusetts-based company said its networked storage platforms portfolio rose 6 percent. Revenue at the company's high-end Symmetrix storage product portfolio also increased 6 percent. EMC's revenue from portfolio of mid-tier storage products gained 5 percent.

Looking ahead for the full year, the company expects non-GAAP EPS to be $1.85 on revenue of $23.5 billion. Analysts expect EPS of $1.90 on revenue of $23.57 billion.

VMware Inc. (NYSE: VMW), a publicly traded division of EMC, on Monday issued revenue guidance that trailed market expectations and shares of the provider of virtualization-based cloud infrastructure services tumbled 16.09 percent in premarket trading on Tuesday.

[Related -VMware, Inc. (NYSE:VMW): Set To Become The Biggest Beneficiary Of Hybrid Cloud]

EMC stock, which has been trading in the 52-week range of $22.77 to $30.00, ended at $25.20 on Monday.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageInitial Jobless Claims Rose Unexpectedly

Claims unexpectedly rose in the latest report through last weekend to breach 300,000 for the first time read on...

article imageAll Quiet on the Record High Front

What can we glean from the media’s lack of attention to the market’s recent record read on...

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.