EMC's storage revenue spikes; yields first $2 billion quarter

The Hopkinton, Mass.-storage giant EMC Corp. has reported a sharply accelerated revenue growth and a huge 50% increase in net income for the second quarter of 2000, pushing EMC over the $2 billion mark in quarterly revenue for the first time.

EMC reported that its total storage revenue for the second quarter grew 43% compared with the second quarter of 1999 to $2 billion, marking EMC's highest rate of storage revenue growth in five years. This accelerated growth was highlighted by 96% year-to-year growth in enterprise storage software revenue, 36% year-to-year growth in enterprise storage systems revenue, and 30% year-to-year growth in midrange storage revenue.

Total consolidated results, which include both EMC's storage business and its Data General server division formed after the acquisition of Data General Corp. during the fourth quarter of 1999, represented all-time record quarterly performance for EMC. Net income for the second quarter was $429 million, up 50% compared with the second quarter of 1999.

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