October 19, 2010 – EMC reported its third quarter earnings today, racking up $4.21 billion in revenue (an all-time record for the company), for an increase of 20% year-over-year. Non-GAAP net income for Q3 was $649.4 million, which was up 35% vs. the same quarter a year ago. And the company cited profit growth of 58%.
As a result, EMC executives increased earnings expectations for the fiscal year to $16.9 billion. The company also said that it expects to repurchase up to $1 billion of its common stock this year.
Revenue from the high-end Symmetrix line increased 23% year-over-year, while revenue from the mid-tier storage portfolio grew 22%.
EMC officials attributed much of the company’s growth to the cloud.
For more details on EMC’s earnings report, see Kevin Komiega’s coverage on Enterprise Storage Forum: “EMC Continues Record Revenue Streak”