EMC sees net income slide 14%, double-digit revenue growth in Q1

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EMC, a provider of information infrastructure solutions, has reported its first-quarter revenue, which indicated a 19th consecutive quarter of revenue growth, as well as a net income slide due to acquisition charges. 

The company said its total consolidated revenue for the first quarter of 2008 was $3.47 billion, an increase of 17 percent over the $2.98 billion reported for the first quarter of 2007. 

The first-quarter GAAP net income was $268.8 million, which included a $79.2 million non-cash charge for in-process research and development (IPR &D) resulting from acquisitions completed during the quarter, according to the Hopkinton, Mass.-based company. Excluding this charge, net income was $348 million. EMC said its non-GAAP first-quarter net income, which excludes the IPR &D charge and other items, was $477.3 million, 28 percent higher than the non-GAAP earnings for the year-ago period.

Compared with the first quarter of 2007, EMC said its systems revenue increased 10 percent and represented 41 percent of total first-quarter revenue. Software license and maintenance revenue increased 18 percent and accounted for 41 percent of total revenue, and other services revenue grew 30 percent and represented 18 percent of total revenue, according to the company.