Brighter Q1 results from data storage giant EMC

Data storage vendor EMCreported first-quarter 2003 revenue totalling $1.38bn (£0.9bn), 6% from the $1.30bn for the same period...

Data storage vendor EMCreported first-quarter 2003 revenue totalling $1.38bn (£0.9bn), up 6% from the $1.30bn for the same period one year ago. 

The company said net income for the first quarter was $35m, or 2 cents per diluted share, compared with a net loss of $77m, 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 $64m and a full-year net loss of $119m 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% 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% from a year earlier. 

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

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