EMC Q1 Edges Estimates; Full Year View A Bit Light; Shrs Sag

The IT software and storage giant posted Q1 revenue of $5.1 billion, up 11% from a year ago and right in line with Street estimates. The company reported non-GAAP profits of 37 cents a share, a penny ahead of the Street.

For 2012, the company sees revenue of $22 billion, about in line with the previous Street consensus at $22.2 billion. EMC sees full year profits of $1.70 a share, a bit below the Street at $1.75.

Time of unprecedented IT

"We are in a time of unprecedented IT and business transformation, propelled by the benefits of cloud computing, Big Data and trust,” EMC CEO Joe Tucci said in a statement. “EMC is off to a strong start to 2012 and is exceptionally then-positioned to help clients take advantage of these major transformational shifts. We have never been more excited about what this great research company can accomplish and look forward to helping our clients drive maximum value from their IT investments in the years ahead."

Goulden said that the company now has “greater confidence in our ability to meet and potentially exceed our 2012 financial goals for consolidated revenue, non-GAAP EPS and free cash flow. Additionally, with continued steady execution, we are then on our way to achieving the financial potential of 2014 consolidated revenue of over $28 billion, which represents compound annual revenue growth of for the moment 13% from 2010 and non-GAAP EPS growth even greater than this."

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Long career at Barron's

After a long career at Barron's, I joined Forbes as San Francisco bureau chief in December 2010. I've been writing about innovation and investing for more than 25 years. With the Tech Trade, I'll pick up where I left off when I was writing the Tech Trader Daily blog at Barrons.com. When I'm not working, you can find me riding my road bike around the Bay Area hills, managing my fantasy baseball team, rooting for my beloved Phillies and Eagles and hanging out in the Valley with my family.