(Reuters) - EMC Corp, the world's largest data storage equipment maker, on Wednesday reported an increase in first-quarter revenue and earnings but missed expectations.
The company said adjusted earnings per share rose 5 percent compared with a year earlier, to 39 cents, but were below average analyst estimates of 40 cents, according to Thomson Reuters I/B/E/S.
Quarterly revenue increased 6 percent to $5.39 billion versus expectations of $5.42 billion.
The company reiterated its full-year targets for non-GAAP earnings per share of $1.85 and revenue of $23.5 billion.
EMC also said it planned to buy back $1 billion of its common stock in 2013.
Despite the miss, some analysts said investors would breathe a sigh of relief because of concerns ahead of the results that EMC would lower its outlook after weak results from other tech companies.
"There were fears of a disaster at EMC given what we have seen around tech with Oracle, IBM. So overall it was better than feared," said FBR Capital markets analyst Daniel Ives.
"Would you frame this quarter in your living room? No, but most investors would take this quarter any time of the week," Ives said.
(Reporting by Nicola Leske; Editing by Maureen Bavdek)
Source: http://news.yahoo.com/emc-first-quarter-earnings-per-share-revenue-below-111434450--finance.html
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