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Global X Emerging Markets Great Consumer ETF (EMC) - free report >>
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EMC Corp. (EMC) Q2 Earnings Top, Merger with Dell Nears
EMC Corporation’s (EMC - Free Report) second-quarter 2016 adjusted earnings (including stock-based compensation expense but excluding other items) of 34 cents beat the Zacks Consensus Estimate by a penny.
Revenues of $6 billion were also ahead of the Zacks Consensus Estimate $5.96 billion. On a year-over-year basis, sales remained flattish.
EMC CORP -MASS Price, Consensus and EPS Surprise
EMC CORP -MASS Price, Consensus and EPS Surprise | EMC CORP -MASS Quote
EMC revealed that its Information Infrastructure business remained strong driven by robust all-flash array offerings demand, which increased 100% year over year in the quarter. Demand for its Virtustream Enterprise Cloud services also grew in triple digits year over year while that for the hyper-converged products also remained strong.
VMware sales increased 11% year over year to over $1.68 billion.
The company declared that Pivotal revenues rose 49% year over year in the quarter driven by the strength in its cloud and big data subscription software.
At quarter-end, cash and cash equivalents including short-term investments were $16.1 billion.
EMC generated $1.6 billion in operating cash flow and $1.34 billion in free cash flow in the second quarter, and ended the quarter with $16.1 billion in cash and investments.
In the quarter, EMC generated $1.6 billion in cash flow from operations and $1.34 billion in free cash flow.
This happens to be the last earnings release for EMC prior to its pending merger with Dell. Management stated “We expect the transaction to happen under the original terms and within the originally announced timeframe, following the result of tomorrow’s Special Meeting of Shareholders, regulatory approval from China and completion of customary closing conditions.”
At the meeting scheduled today, the company will be putting the anticipated merger deal with Dell to shareholders for approval.
Currently, EMC has a Zacks Rank #5 (Strong Sell).
Stocks to Consider
Better-ranked stocks worth consideration in the same sector include Quantum Corporation and Seagate Technology plc (STX - Free Report) , each carrying a Zacks Rank #2 (Buy)
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