EMC has announced its Q4 and FY13 financial results. Back in Q3, it revised its Q2 revenue pledge (to hit FY13 revenues of $23.5bn - see EMC retains FY13 outlook) downwards to $23.25bn (see EMC revises FY outlook). As it happened, FY13 revenues came in at $23.22bn (up 7% over FY12). Non-GAAP EPS was $1.80, up 6%. Free cash flow was $5.5bn.
Given that EMC is playing to those SMAC areas of the market (social, mobile, analytics and cloud), we would certainly expect it to be growing at this rate. Perhaps even more. That 7% topline growth is some way off that of 'family member', VMware, which closed FY13 with total revenue of $5.2bn, up 15% (see VMware lines up FY14 growth). The Pivotal business also grew 15%. We can point in part to EMC’s storage business, which declined 4%.
During FY14, EMC expects to undertake some workforce “rebalancing”, losing certain job roles and instead investing in skills in R&D, for example, to help support growth areas. For the current year, management is targeting revenue of $24.5bn (up 6%) and an operating margin that will be “roughly flat with last year”.
Earlier this month, ex-Colt and Computacenter Exec, Simon Walsh, resurfaced at EMC as EMEA COO (EMC appoints Simon Walsh as EMEA COO). We’ll be catching up with Walsh soon to find out more about the plans he has.