HOPKINTON — EMC Corp.’s net income and revenue grew at a slower pace in the third quarter as the uncertain economy led to more cautious spending by customers for its data storage equipment.
The results fell short of Wall Street’s expectations, and EMC’s stock closed down 22 cents at $24.46.
The company said Wednesday that its net income rose 3 percent as revenue growth slowed from the double-digit gains that it’s seen in the 10 previous quarters. Earnings had also grown in the double-digits for the past 10 quarters, helped by the growing need of companies to store and analyze vast troves of data.
EMC earned $626.3 million, or 28 cents per share, in the July-September period. That’s up from $605.6 million, or 27 cents per share, in the same period a year earlier. Adjusted earnings were 40 cents per share in the latest quarter. This figure excludes stock compensation expenses, acquisition-related charges, and other items.
Revenue grew 6 percent to $5.28 billion from $4.98 billion.
Analysts, on average, were expecting adjusted earnings of 42 cents per share on revenue of $5.46 billion, according to a poll by FactSet.