EMC profits jump by 58%

EMC, the world’s biggest maker of storage computers, said third-quarter profit rose 58% on rising demand for storage and security products.

Net income advanced to $472.5 million (€345m), or 22 cents a share, EMC said. Excluding some costs, profit was 30 cents a share, matching the average of analyst estimates compiled by Bloomberg. Sales rose 20% to $4.21 billion, beating the $4.14bn average projection.

EMC raised its full-year profit and sales forecasts. The firm is benefiting as companies use its products to store and secure information on remote computers, rather than on the desktop, said Piper Jaffray & Co analyst Troy Jensen. That method, known as cloud computing, lets customers use the Internet to access the data.