EMC's profit increased dramatically compared to last year's third quarter, lifted again by continued growth of its VMware subsidiary and EMC's recent sale of a slice of the company.
Net income for the third quarter was $492.9m, which was 77% more over the same period a year ago, EMC said Thursday. Those figures included the sale of 6 million shares of VMware to Cisco Systems.
Excluding the VMware gain, EMC's net income was $377.8m.
EMC, which acquired VMware in 2004 for $635m, said in February it would sell off 10% of VMware in an IPO (initial public offering), which was completed in August. EMC said the money would go toward stock compensation for its employees as well as boost the stock price. Intel now also owns a stake in VMware.
VMware maintains a huge, 85% market share for virtualisation software, which allows multiple operating systems to run on one piece of hardware.
The technology remains a hot area, since virtualisation enables servers to perform at a higher level, reducing the need for more servers.
EMC said its Information Storage business reported 8% higher revenue, backed by sales of its Clariion and Celerra networked storage systems plus other backup and recovery products.
RSA, EMC's security business, saw revenue grow 22% over a year prior. Those gains were attributed to RSA's authentication business, consumer applications and event management business.
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