EMC's profit dives 24 per cent since last year

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Storage giant EMC has reported falling profits in its third quarter results released today.

Although it saw a rise in profit of 45 per cent from the previous quarter, EMC showed a drop of 24 per cent from the same period last year, from $393.4 million (£239.8 million) to $298.2 million.

Revenue was also down from last year’s third quarter, resting at $3.52 billion. Again, this was up on the last quarter by eight per cent.

Joe Tucci, chairman and chief executive of EMC, said in a statement: “I am very pleased with EMC’s solid financial performance in a challenging economic climate.”

He added: “Customers are signalling more comfort spending their IT budgets, which gives EMC confidence in our ability to perform well and achieve our full-year 2009 targets.”

EMC’s Information Infrastructure business, which includes its Information Storage, RSA Security, Content Management and Archiving services and products, earned the company $3.03 billion in revenue.

VMware, which EMC owns the majority of, also put $489 million into the pot, although its profits fell by 54 per cent.

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