A quote from Business Wire:
VMware, acquired by EMC in January 2004, exceeded revenue expectations during its first quarter as an EMC subsidiary, posting record revenues and triple-digit growth as customers turned to VMware technology to consolidate server and workstation operations. VMware continued to advance the virtualization industry with new releases of its server virtual infrastructure software. Also during the quarter, VMware strengthened its relationship with Dell through a new agreement, evidence that VMware’s value is resonating with partners and their customers.
As I already said immediately after acquisition, EMC could really boost its revenues in two ways:
1) Tighting togethere VMware and Legato technologies, offering a native VMs live backup solution
2) Offering a very low priced SAN bundled with Dell servers and VMware ESX and GSX Server
So IMHO they have much more room to grow in the next couple of years.