EMC Corp. credited strong demand for its high-end data storage products for the company's profit in the fourth quarter of 2003.
Total revenues in 2003 reached $6.24 billion, a gain of 15 percent over $5.44 billion in 2002. Net income reached $496 million, compared with a net loss of $119 million in 2002.
EMC said revenue growth was strong across all major business segments and geographies in the fourth quarter, with its Symmetrix, Clariion and Centera networked storage systems and core EMC software and services achieving double-digit growth over the third quarter of 2003.
EMC CFO Bill Teuber said the company "reached and exceeded every major financial goal we set at the start of 2003."
EMC also projected that its first-quarter revenues will range between $1.8 billion and $1.835 billion, while revenues for all of 2004 are expected to increase by at least 25 percent, exceeding $7.8 billion.