EMC posts 'solid' Q1 performance; gives $227M to shareholders
EMC CEO Joe Tucci said the first quarter performance for the company was "solid."
Hopkinton-based EMC Corp. has posted $5.5 billion in revenue in the first quarter, distributing $227 million to shareholders as its purchase by Dell continues to move ahead on schedule.
EMC reported its first quarter 2016 financial results on Wednesday, posting a 2 percent year-over-year decline in revenue for the quarter, but earnings up 8 percent per-share year-over-year at $0.14 per diluted share. EMC generated $932 million in operating cash flow and $588 million in free cash flow in the first quarter, ending the quarter with $15 billion in cash and investments.
In a statement, Joe Tucci, EMC Chairman and CEO, described the first quarter as “solid” and in line with expectations. He said that as the IT sector continues to reshape itself, the company’s new platforms “are increasingly gaining momentum, and we are confident in the depth and breadth of our product portfolio.”
In the release, Tucci also said the agreement with Dell is on track and that integration planning has been accelerated following the vast majority of anti-trust approvals being received for the acquisition.
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