EMC profit jumps 13% on storage growth

WASHINGTON (MarketWatch) -- EMC Corp. on Wednesday reported a second-quarter profit that rose almost 13% from a year ago, as the storage-technology company benefited from strong growth in its systems and software businesses. Revenue rose to $3.67 billion, up 18% from last year's second-quarter sales of $3.12 billion. The company met the estimates of analysts surveyed by FactSet Research, who forecast EMC to earn 18 cents a share on $3.57 billion in revenue. For the full fiscal year, EMC predicted revenue would "exceed" $15 billion, while earnings excluding costs for in-process research and development would be 78 cents a share. EMC grabbed attention earlier this month when the company replaced the CEO of its VMware Inc. subsidiary. Diane Greene, who co-founded VMware before its acquisition by EMC, was replaced by former EMC... [read full story]