EMC Rockets to Record Revenues: What Tech Slump?

Late yesterday, storage giant EMC reported record revenues for its fourth quarter and year and announced that growth will only accelerate for at least the first half of 2001. Seemingly brushing aside new competition from Sun, Compaq, and IBM, the Massachusetts-based company posted fourth-quarter revenues of $2.62 billion, with earnings coming in at $563 million--a 49 percent increase from the same quarter a year before. For the year, EMC saw revenues hit $8.87 billion, up 32 percent, and an income of $1.78 billion, an increase of 51 percent over fiscal 1999. For a quarter that saw much of the tech sector flounder, EMC was a standout.

"We closed an extraordinary year with a bang," says EMC Executive Chairman Mike Ruettgers, "\[with\] straight quarters of accelerating growth rates and our highest quarterly storage growth rate in nearly 6 years. It's clear we gained share in every major segment of our addressable market, and our competitive lead has never been stronger. Customers are investing in EMC solutions in record numbers because our complete networked information storage infrastructures are by far the most interoperable, functionally rich, scalable, and reliable solutions available."

EMC supplies information storage systems, software, and networks and services to corporations worldwide. The company recently introduced its CLARiiON IP4700 networked storage systems and Celerra file server, which features the HighRoad file system software.

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