EMC Corp. said it pulled in record revenue in the first quarter of US$3.47 billion, up 17 per cent over the same period last year. First-quarter net income according to generally accepted accounting practices (GAAP) was $268.8 million (all figures in U.S. dollars), which included a $79.2 million non-cash charge for in-process research and development resulting from acquisitions completed during the quarter.
Excluding this charge, net income was $348.0 million. Non-GAAP first-quarter net income, which excludes the IPR&D charge and other items, was $477.3 million.
Compared with the first quarter of 2007, EMC systems revenue increased 10 per cent and represented 41 per cent of total first-quarter revenue. Software license and maintenance revenue increased 18 per cent and accounted for 41 per cent of total revenue. Other services revenue grew 30 per cent and represented 18 per cent of total revenue.
Its VMware division had first-quarter revenues of $438.2 million, an increase of approximately 71 per cent compared to the year-ago quarter.
Looked at geographically, revenue from North America increased 14 per cent compared with the same period a year ago and represented 57 per cent of total first-quarter revenue. Revenue from operations outside of North America grew 21 per cent year-over-year, driven by double-digit revenue growth in each of EMC’s Europe, Middle East and Africa (EMEA), Asia-Pacific and Japan (APJ) and Latin America regions.