October 25, 2007 - EMC Corp. today announced record third-quarter revenue and net income, hitting seventeen consecutive quarters of double-digit revenue growth reportedly marked by strong, balanced execution across all its business lines and major geographies.
Total consolidated revenue for the third quarter of 2007 was $3.3 billion, an increase of 17 percent over the $2.8 billion reported for the third quarter of 2006. GAAP net income for the third quarter of 2007 was $492.9 million or $0.23 per diluted share, 77 percent higher than the GAAP earnings per diluted share of $0.13 reported for the year-ago period.
GAAP net income for the third quarter of 2007 includes net gains of $115.2 million, primarily from the sale of six million shares of EMC’s interest in VMware to Cisco Systems. Excluding this item, net income was $377.8 million or $0.17 per diluted share, an increase of 31 percent year-over-year. During the quarter, EMC generated operating cash flow of $718 million, an increase of 57 percent compared with the same period a year ago and free cash flow of $475 million, an increase of 124 percent year-over-year.
For more information: www.emc.com