Business Irish

Friday 17 November 2017

Tiny rise in profits, but revenue at EMC hits $5.3bn

Peter Flanagan

Peter Flanagan

IT company EMC, which employs nearly 3,000 people in Ireland, said net profits rose only 1pc to $650m (€540m), even as revenue surged 10pc to $5.3bn.

The US company, which has interests from cloud computing to so-called big data information services, said it was the 10th straight quarter of revenue, profit and earnings per share (EPS) growth.

Full year forecasts remain unchanged.

EMC expects to achieve its full-year 2012 goals for consolidated revenue, EPS and free cash flow.

Strong growth

EMC's country manger for Ireland, Jason Ward, said the results backed the "strong growth path" the company was on.

"We are experiencing demand across all business lines as our cloud customers exploit the efficiency and agility that comes with running IT as a service," he said.

New customers for EMC in Ireland include Pepsi, Tullow Oil and Dublin Institute of Technology, the company said, as well as the Health Service Executive which involved a major strategic IT consolidation supporting the Government's new cloud strategy.

The Massachusetts-based company employs most of its staff at offices in Dublin and Cork. It has become an evangelist for cloud computing in recent times, which sees firms store their data offsite with EMC rather than spending on IT services themselves.

Irish Independent

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