EMC Corp. Q3 Profit Misses Estimates

(RTTNews) - EMC Corp. (EMC) reported that its third-quarter net income decreased from last year on higher cost and expenses. Consolidated revenue was up 1% year over year and up 5% year over year on a constant currency basis. Operating income decreased to $690 million from $947 million, a year ago.

EMC generated $1.4 billion in operating cash flow and $1.03 billion in free cash flow in the third quarter, and ended the quarter with $14.3 billion in cash and investments.

Adjusted net income to EMC was $837 million or $0.43 per share, for the quarter. On average, 33 analysts polled by Thomson Reuters expected the company to report profit per share of $0.44 for the quarter. Analysts' estimates typically exclude special items.

Net income attributable to EMC decreased to $480 million or $0.25 per share from $587 million or $0.28 per share, last year.

Revenue was $6.08 billion compared to $6.03 billion, a year ago. Analysts expected revenue of $6.17 billion for the quarter.