EMC Reports Q4 Results, Tucci to Remain CEO a While Longer
Storage behemoth EMC reported its earnings for the fourth quarter of fiscal year 2012, beating analysts’ expectations and marking some noteworthy achievements to boot.
EMC said it made a profit of $832 million or 38 cents a share, compared to 29 a share and $628.6 million throughout same period last year. Revenue was also up in Q4 at $5.57 billion, a 14 percent year-over-year increase, and about $100 million more than what Wall Street forecasted. Margins were also up slightly, and EMC’s stock jumped by almost six percent in early trading after investors heard the positive news.
Q4 was another strong quarter for EMC, just like the previous consecutive three quarters. The steady uptick in earnings reflect the company’s growth, as well as trends that the overall storage and cloud markets have been seeing in the past 12 months. After Oracle’s disappointing quarter, the software giant blamed a slowing market on its decline, which led to a very noticeable decline across several indexes that affected all the big IT companies’ stock. EMC’s results indicate the exact opposite, and will likely restore some of shareholders’ lost faith in the industry’s near-term outlook.
It seems as if traders and analysts are not the only ones that have taken EMC’s recent growth into account. Current head Joe Tucci can be credited with a big portion of this success, which is why his tenure has been extended beyond the original date set for his resignation. From WSJ:
Meanwhile, Chief Executive Joe Tucci, originally slated to turn over the CEO role at the end of 2012, said he would remain at the helm into 2013.
“I have never been more energized and excited about what this great company can accomplish,” he said during a conference call. Tucci added his successor will come from within the company, and he’s already increasing the responsibilities of his senior leadership team.
And Tucci isn’t the only top level exec to leave EMC. Mark Lewis, a long time executive at EMC as the head of EMC Ventures, is stepping down from his position. The news was confirmed this morning.
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