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On its FQ2 call, Cisco (CSCO) boasted its VCE JV - 58%-owned by EMC, 35%-owned by Cisco - is now...

On its FQ2 call, Cisco (CSCO) boasted its VCE JV - 58%-owned by EMC, 35%-owned by Cisco - is now on a $1B+ run rate. But as ZDNet's Larry Dignan observes, Cisco and EMC's latest 10-Qs (I, II) indicate the JV has generated huge losses since its '09 inception. EMC claims a $430M cumulative loss for its stake in VCE, and Cisco a $325M loss. Last year, Gartner estimated VCE generated $222.9M in sales (+53% Y/Y) in Q2 '12 for its costly Vblock server/storage/networking systems.
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