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23 Jul 2009
EMC has unveiled better-than-expected quarterly results as it moves closer to tying up its $2.1bn (£1.27bn) acquisition of Data Domain.
Revenue for the storage giant’s fiscal second quarter fell 11 per cent annually to $3.26bn, while net profit tumbled from $360.1m to $205.2m.
But both the top and bottom lines were ahead of Wall Street expectations as the New York-listed giant hinted that the market has bottomed out.
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Chief financial officer David Goulden said in a statement: “While global conditions remain challenging and our full-year view of declining IT spending remains unchanged, EMC's second-quarter financial performance reflects customers' budget stabilisation and improved business predictability.”
Chief executive Joe Tucci claimed it was a quarter of “solid execution”.
EMC recently won its tussle with rival NetApp to land up-and-coming vendor Data Domain and today signalled it had successfully completed its tender offer.
EMC now controls 94.2 per cent of the firm, which grew revenue by 40 per cent to $86m during its last quarter, and expects to close the acquisition today.
Data Domain will form the foundation of a new product division within EMC's Information Storage business focused on next-generation disk-based backup, recovery and archive solutions.
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