EMC reports jump in 1st-quarter profit as tech spending by companies picks up

EMC profit nearly doubles as tech spending rises

HOPKINTON, Mass. — Data-storage company EMC Corp. has improved its earnings and raised its full-year forecast with technology spending rebounding.

The company said Wednesday it earned $373 million, 17 cents per share, for the first quarter. That rose 92 percent from $194 million, 10 cents per share, a year earlier.

Excluding one-time items, EMC would have earned 26 cents per share. On that basis, earnings topped the average forecast of 24 cents, according to Thomson Reuters.

Revenue climbed 23 percent to $3.9 billion, beating the forecast of $3.7 billion.

EMC says corporate customers have shown “increased confidence.” It now expects 2010 earnings of $1.18 per share, excluding items, on revenue of $16.5 billion. Analysts were looking for $1.14 per share and revenue of $16 billion.