EMC reports 25% increase in quarterly revenue

Data storage supplier EMC said its expanded product line and strong execution accounted for a 25% revenue increase year on year...

Data storage supplier EMC said its expanded product line and strong execution accounted for a 25% revenue increase year on year for the quarter and a 15% jump in revenue for the full financial year.

EMC said its consolidated revenue for 2003 was $6.24bn, up from $5.44bn in 2002. Net income for 2003 was $496m, compared with a net loss of $119m in 2002.

The company said its total consolidated revenue for the fourth quarter was $1.86bn, compared with $1.49bn in the fourth quarter of 2002.

EMC president and chief executive officer Joe Tucci said the company's new information lifecycle management strategy is "being well received by both long-standing and new customers who are grappling with the challenges of compliance, information protection and constrained budgets".

Information lifecycle management refers to the policy-based, automated management of data from creation to deletion.

EMC reported revenue growth across all of its major businesses for the quarter, including its high-end Symmetrix, Clariion and Centera array lines and its software and services. It said software sales resulting from its recent acquisitions of Legato Systems and Documentum were in the double digits sequentially compared with the third quarter of 2003.

Net income for the fourth quarter was $220m, which included some tax benefits that were partially offset by restructuring and other special charges primarily related to the Legato and Documentum acquisitions. In comparison, EMC reported a $64m net income loss in the fourth quarter of 2002.

Lucas Mearian writes for Computerworld


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