EMC Posts Q2 Profit Jump, No Plans to Spin off VMware

Ainsley Jones

After reporting a 13 percent second-quarter jump in profits, EMC saw its shares rise as much as 7 percent. The company reported profit of $377.5 million compared with $344 million in the year-before period, reports MarketWatch.

 

EMC, which owns approximately 86 percent of VMware, garnered headlines earlier this month after replacing Diane Greene as CEO with Paul Maritz. VMware's profits were up but investors soured in overnight trading after the company's third-quarter sales estimates fell short of Wall Street's $497 million expectations.

 

Analysts pressed EMC CEO Joseph Tucci about his plans for VMware in a conference call. According to CNNMoney.com, Tucci has no plans to spin off VMware at this time and says that they plan to do what is best for the company's shareholders.



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