October 25, 2007
Oh, to be Joe Tucci
By Matthew L. Brown
Hopkinton-based IT powerhouse EMC Corp. reported third quarter net income of $492.9 million on revenue of $3.3 billion.
The revenue figure for the quarter is a 17 percent increase over the third quarter of 2006, and the net earnings reported today are 77 percent above what the company reported a year ago.
The company said $115.2 million of its net earnings for the quarter came from the sale of 6 million shares of EMC's interest in VMware to Cisco Systems.
The quarterly growth was a record for the comany, CEO Joe Tucci said.
The company announced that it would double its stock buy-back commitment from $1 billion to $2 billion. "We are now very clearly on track to exceed the annual financial targets we set in January," said David Goulden, the company's CFO.
The revenue figure for the quarter is a 17 percent increase over the third quarter of 2006, and the net earnings reported today are 77 percent above what the company reported a year ago.
The company said $115.2 million of its net earnings for the quarter came from the sale of 6 million shares of EMC's interest in VMware to Cisco Systems.
The quarterly growth was a record for the comany, CEO Joe Tucci said.
The company announced that it would double its stock buy-back commitment from $1 billion to $2 billion. "We are now very clearly on track to exceed the annual financial targets we set in January," said David Goulden, the company's CFO.
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