EMC (NYSE:EMC) Beats on Storage Demand, Upswing in Business Spending

EMC (NYSE:EMC) was the beneficiary of increased business spending and the growing move toward cloud computing, as businesses seek the storage needed to hold their vast amount of data.

While EMC had a great quarter, their guidance added to the success, as they see themselves growing at a double-digit pace for several years.

Today, EMC reported profits of $628.6 million, or 29 cents a share, for the fourth quarter, an increase over the $390.6 million or 19 cents a share they generated in the same quarter last year.

Revenue in the quarter was up to $4.89 billion, a gain of 19 percent. Full year earnings were projected to come in at $1.46 billion on $19.6 billion.

EMC was trading at $23.75, down $0.08, or 0.31 percent, as of 11:44 AM EST.