EMC profit and revenue begin to bounce back

EMC results weren't as bad as expected

Storage vendor EMC has reported third quarter results showing revenue up eight per cent from the last quarter at $3.52bn (£2.2bn), but down five per cent year on year.

Although revenue results exceeded the previous outlook of four to five per cent revenue growth, profits were down 24 per cent year-on-year to $298m (£182m), but up 45 per cent on the previous quarter.

EMC chief executive Joe Tucci said: "EMC is well positioned to capitalise on four of the higher-growth, multi-billion-dollar market opportunities around fully virtualised datacentres, cloud computing, virtualised desktops and clients, as well as next-generation backup and recovery."

EMC's financial predictions for next year see revenue of $4bn (£2.5bn), and cost savings of $500m (£306m) compared with 2008.