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EMC global Q3 revenue rises 6pc

Wednesday, October 24 16:37:48

Big Data, cloud and IT security firm, EMC, which employs more than 2,700 people in Ireland, today reported an increase of 6pc in third-quarter consolidated revenue compared with the same quarter last year.

Third-quarter consolidated revenue was $5.28 billion - an increase of 6pc compared with the year-ago quarter. Third-quarter GAAP net income attributable to EMC increased 3pc year over year to $626 million. Third-quarter GAAP earnings per weighted average diluted share increased 4pc year over year to $0.28.

Non-GAAP net income attributable to EMC for the third quarter was $881 million - an increase of 7pc compared with the year-ago quarter. Third-quarter non-GAAP earnings per weighted average diluted share were $0.40, an increase of 8pc year over year. During the third quarter, EMC generated operating cash flow of $1.44 billion and free cash flow of $1.14 billion - a year-over-year increase of 12pc and 16pc, respectively. Additionally, the company ended the quarter with $10.6 billion in cash and investments.

Jason Ward, EMC's Country Manager, said the Irish market continues to perform strongly for EMC. 'We are experiencing strong demand across all business lines, helping our customers to transform their businesses with IT solutions that drive efficiencies and productivity gains, generate value from the information they hold, and secure their IT environments with sophisticated defense technologies. EMC is expanding our customer portfolio, with new wins including BT, Element Six, Helsinn Birex, Dairygold, Law Library, Dublin Institute of Technology, Louth County Council and Beacon Hospital,' said Mr Ward.

Bob Savage, Vice-President and Managing Director of EMC's Centre of Excellence (CoE) in Cork, said Ireland was 'a strategic part of EMC's global operation'.

'The innovative business our Irish workforce has helped to build is at the nexus of three top-trending themes in global IT - cloud, Big Data and trust. Here in Cork, more than 2,000 highly skilled IT professionals are working across engineering, advanced manufacturing, software development, finance, customer service, sales and marketing, and research and development divisions serving the worldwide market. We will continue to bring our portfolio of products and services to new markets, and consolidate our reputation for quality and the total customer experience,' said Mr Savage.