EMC reports Q1 Financial Year Results 2013

EMC Corporation has reported first-quarter 2013 financial year results highlighting first-quarter records for consolidated revenue, non-GAAP net income, non-GAAP EPS and operating and free cash flow.
 
The key highlights of the results reveal an increase of 6% in revenue which is $5.39 billion compared to year-ago quarter. First-quarter GAAP net income attributable to EMC is $580 million and first-quarter GAAP earnings per weighted average diluted share are $0.26.  Non-GAAP net income attributable to EMC was $850 million, an increase of 4% compared with the year-ago quarter.  Non-GAAP earnings per weighted average diluted share are $0.39, an increase of 5% year over year.
 
During the first quarter, EMC increased operating cash flow and free cash flow on a year-over-year basis to $1.71 billion and $1.44 billion, respectively.  
 
David Goulden, President & COO, EMC, said, "EMC’s focus on cloud computing, Big Data and trusted IT helped drive solid revenue, non-GAAP net income and non-GAAP EPS growth in the first quarter. Our first-quarter results are consistent with the full-year revenue and non-GAAP EPS outlook we provided in January, which remains unchanged.  With continued steady execution, we expect that EMC will achieve our previously stated longer-term potential of more than $30 billion in revenue in 2016 with non-GAAP EPS growth outpacing revenue growth during this timeframe"
 
First-quarter revenue from EMC’s Information Storage business grew 3% year over year. EMC’s RSA Information Security business increased revenue 12% year over year, and EMC’s Information Intelligence business returned to growth, increasing revenue 7% year over year.