- Associated Press - Tuesday, January 25, 2011

HOPKINTON, MASS. (AP) - Data storage company EMC Corp. said Tuesday its fourth-quarter earnings jumped 61 percent, boosted by the continued growth of technology spending.

As corporations have started replacing old equipment and software again, EMC says it is also benefiting from the shift to so-called “cloud” computing, in which software and data are stored on remote servers rather than in-house machines.

It was the fifth straight quarter of earnings growth for EMC.

The company says it earned $628.6 million, or 29 cents per share, in the last three months of 2010. That’s up from $390.6 million, or 19 cents per share, in the same quarter a year ago.

Excluding special items, EMC says it earned 42 cents, edging out by a penny the consensus estimates of analysts surveyed by FactSet.

Revenue climbed 19 percent to $4.9 billion from $4.1 billion. Analysts expected $4.8 billion.

The company’s 2011 adjusted earnings-per-share forecast of $1.46 also topped analyst forecasts by a penny. The company’s revenue expectation of around $19 billion is about in line with Wall Street.


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