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Wednesday, Oct 24
2012, 9:22 AM
More on EMC's Q3: The company talks about a "cyclical slowdown." EMEA was soft with flat Y/Y...
More on EMC's Q3: The company talks about a "cyclical slowdown." EMEA was soft with flat Y/Y growth. 2012 guidance is now for revenue of $21.6B-$21.75B and EPS of $1.68-$1.70, below a consensus of $22B and $1.72. Q3 mid-range storage sales were flat Y/Y, a major slowdown from Q2's +10% (and a likely negative for NetApp). Total storage product sales -1% Y/Y, services +11%. Free cash flow of $1.14B exceeded net income of $881M. $150M worth of shares repurchased, $37M worth of VMware shares bought. EMC -1.7%. NTAP -1.7%. (PR) (slides - PDF)