EMC meets expectations; profits, revenue down
 
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EMC, one of the world's leading storage vendors, Wednesday announced that its revenue for the second quarter of 2001 was $2.02 billion, down slightly from the same quarter 2000.
EMC, which generated revenue of $2.15 billion in the second quarter 2000, blamed the drop on the slowing global economy.
The company recorded $109 million in net income, down sharply from $429 million in 2000. The company did meet analysts' expectations for earnings per share however, hitting the 5 cents per share earnings mark that the 26 analysts polled for the Nasdaq.com Web site set for the company. That number was down from 19 cents in the second quarter of 2000, however.
Information storage revenue, the largest single contributor to EMC's bottom line, dropped 2% to $1.96 billion from $2 billion in the second quarter 2000.
Despite the lower overall numbers, some segments of EMC's business did grow in the quarter. The company's software revenue grew 42% to $498 million over the same quarter in 2000. Networked information storage, comprising both network-attached storage and storage-area networks, grew 56% to $714 million and information storage services grew 73% to $232 million, the company said.
EMC's stock closed down 76 cents, or 3.59%, finishing at $20.39 per share on Tuesday.
EMC, in Hopkinton, Mass., is at www.emc.com/
The IDG News Service is a Network World affiliate.
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