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July 24, 1997updated 05 Sep 2016 12:14pm

EMC REPORTS “STELLAR QUARTER”

By CBR Staff Writer

EMC Corp, the undoubted world leader in enterprise-wide storage systems, blazed an even brighter trail in the second quarter. The Hopkinton, Massachusetts manufacturer reported $129m net income, up 48%, on $713m revenues, 31% higher than this time last year. Shareholders saw earnings per share rise to $0.50 from $0.36, and Morgan Stanley Dean Witter has boosted its forecast to $2.10 for 1997. By division, open systems storage almost doubled, increasing by 97% to $333m, and software revenues scaled up by 176%, taking EMC close to its $200m figure for the year. The coffers are overflowing, with cash and investments totaling $1.3bn growing by 90%. President and chief executive officer, Mike Ruettgers confirmed the company was experiencing accelerated growth rates and increased profitability across the board. The new Symmetrix enterprise systems and value-added software family have been selling well, and the dramatic growth in open storage revenue enabled it surge past mainframe revenues for the first time ($333m versus $331m), after only two years from its introduction. The picture is one of unassailable leadership over IBM et al, and it has been achieved at breakneck speed. Dean Witter concludes, it’s been a stellar quarter.

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