EMC Corp. (EMC) Reports Big Gain From VMware Inc. (VMW) Sale
EMC Corp. reported a third quarter gain of $115.2 million for selling 6 million shares of VMware Inc. to Cisco Systems Inc., and VMware stock surged Thursday following a strong earnings report.
The Palo Alto-based virtualization software developer (NASDAQ:VMW - News) was spun off from EMC (NYSE:EMC - News), which retains about 87 percent ownership. VMware's stock climbed as much as 10 percent to close Thursday to $114.
On Wednesday, VMware filed its first quarterly earnings report since going public in August, reporting net income of $65 million, or 18 cents a share, on $358 million in revenue. The company's stock has skyrocketed more than 260 percent from its $29 a share IPO price.
EMC sold a 6 million share ownership stake to San Jose-based Cisco (NASDAQ:CSCO - News).
Hopkinton, Mass.-based EMC reported net income of $492.9 million, or 23 cents a share, compared with $283.7 million, or 13 cents a share, in the came period last year.
Revenue rose to $3.29 billion from $2.82 billion a year ago.
Published October 25, 2007 by the Silicon Valley / San Jose Business Journal
The Palo Alto-based virtualization software developer (NASDAQ:VMW - News) was spun off from EMC (NYSE:EMC - News), which retains about 87 percent ownership. VMware's stock climbed as much as 10 percent to close Thursday to $114.
On Wednesday, VMware filed its first quarterly earnings report since going public in August, reporting net income of $65 million, or 18 cents a share, on $358 million in revenue. The company's stock has skyrocketed more than 260 percent from its $29 a share IPO price.
EMC sold a 6 million share ownership stake to San Jose-based Cisco (NASDAQ:CSCO - News).
Hopkinton, Mass.-based EMC reported net income of $492.9 million, or 23 cents a share, compared with $283.7 million, or 13 cents a share, in the came period last year.
Revenue rose to $3.29 billion from $2.82 billion a year ago.
Published October 25, 2007 by the Silicon Valley / San Jose Business Journal
Labels: EMC, EMC Corp., VMW, VMware Inc.
posted by Stock Administrator @ 8:12 PM
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