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Name | Symbol | Market | Type |
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Global X Emerging Markets Great Consumer ETF | NYSE:EMC | NYSE | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 29.05 | 0 | 01:00:00 |
By Ben Fox Rubin
EMC Corp. said its fourth-quarter earnings grew 17% as the data-storage provider benefited from strong growth in its emerging storage business.
However, its stock declined 2.5% premarket to $24.75 after the company forecast 2014 results below market expectations. As of Tuesday's close, the stock was up 5.8% over the past three months.
For the new year, the company forecast adjusted earnings of $1.95 a share on revenue of $24.5 billion. Analysts surveyed by Thomson Reuters predicted $2.03 a share and $24.96 billion. Adjusted earnings for the first quarter are expected to be 35 cents a share, below estimates of 43 cents.
Mizuho Securities said this week that storage revenue benefited from enterprises' flush budgets at the end of the year, but it warned that storage likely received a lower priority versus server projects. The brokerage said its checks indicated that storage spending "remained somewhat challenging," an issue EMC Chief Financial Officer David Goulden addressed in a statement Wednesday when he said IT spending growth was lower than EMC expected in 2013. Still, he said EMC achieved strong revenue and profit growth.
On Tuesday, EMC's subsidiary VMware Inc. said its fourth-quarter profit soared 63% as the virtualization-software maker posted strong growth in license revenue. However, shares slipped after hours when the company warned it expects its operating margins should decline following its acquisition of AirWatch later this year.
EMC reported a profit of $1.02 billion, or 48 cents a share, up from $870 million, or 39 cents a share, a year earlier. Excluding items such as stock-based compensation and other items, per-share earnings were 60 cents in the latest period, up from 54 cents.
Revenue grew 11% to $6.68 billion.
Analysts polled by Thomson Reuters forecast adjusted earnings of 59 cents a share on revenue of $6.64 billion.
Cost of product sales rose 16%, and cost of services grew 13%.
EMC's information infrastructure revenue increased rose 9.7%. The company's emerging storage business continued growing, with a 73% revenue increase, propelled by the launch of EMC XtremIO.
Write to Ben Fox Rubin at ben.rubin@wsj.com
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