Revenue and profits creep up for EMC in Q3

Storage giant's net profit rises three per cent to $626m as revenues reach $5.3bn

Storage vendor EMC has vowed to grow faster and take more market share as it announced a six per cent year-on-year increase in total revenue for its Q3.

For the three months to 30 September, EMC saw net profits rise by three per cent annually to $626m on sales which reached $5.3bn (£3.3bn).

While the vendor's product sales remained flat at $3.1bn, its services revenue grew by 15 per cent to $2.2bn.

Investment in research and development grew by 16 per cent to $653m.

The vendor recently renewed its commitment to the UK channel, with regional partner chief Terry Beale pledging to increase the percentage of channel partner salespeople selling EMC to 20 per cent by the end of the year.

David Goulden, EMC's president said that he expects the firm to grow further in the coming months, despite what he described as "a more cautionary environment than expected".

He added: "We remain extremely confident in our strategy, best-of-breed product portfolio and solid operational and financial model. Going forward, we fully believe that EMC will continue to grow faster than our addressable markets and take share, reinvest for the future, and deliver earnings leverage for shareholders."