EMC revenue up 19 per cent

EMC has reported record revenue for the quarter and the full year, but saw its shares fall after VMware's tumbled 26 per cent.

EMC saw revenue of $3.83 billion for the fourth quarter of 2007, a 19 per cent jump from the same quarter last year. For the full year, the firm saw consolidated revenue of $13.23 billion.

Joe Tucci, EMC's chief executive, said: "2007 was truly a breakout year for EMC. We exceeded all of the aggressive financial targets we set out to achieve at the beginning of the year."

For the fourth quarter of last year, GAAP net income was $525.7 million, a third higher than the same period in 2006. For the full year, such net income was $1.67 billion, 43 per cent higher than 2006.

While Tucci praised the spin-off of it's virtualisation arm VMware as a success, that firm's recent results and ensuing stock price drop helped drag EMC's shares down.

Still, EMC said it expected revenue to grow 13 per cent to $15 billion in 2008, boosted by growth from its majority share in VMware.

Tucci said: "Looking forward, EMC has never been better positioned to continue to grow and gain market share. We have the best product line-up in our history with a very favourable product cycle, and our proven go-to-market model is firmly in place. EMC is well positioned in the areas where IT spending will grow the fastest this year. Finally, our focus on innovation and R&D is enabling us to tackle emerging customer priorities such as Web 2.0, virtualization, compliance and new online methods for purchasing and consuming software."

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