Officials at EMC Corporation of Hopkinton said its merger with Dell is on track, as the company released its fourth quarter financial results and announced substantial layoffs at its subsidiary VMware.
“Progress on closing the transaction remains on track under the original terms and timeline,” EMC CEO Joe Tucci said in the earnings report.
Full-year revenue for the company was up one percent, to $24.7 billion, over 2014. Revenue for the fourth quarter of 2015 was stagnant year-over-year at $7 billion. VMware markedly outperformed EMC, with 10 percent revenue growth for the 2015 fiscal year, and Pivital, EMC’s data analytics subsidiary, saw a 25 percent increase in year-over-year fourth quarter revenue.
Growth at VMware comes as 800 layoffs and a changeup in management was announced. Current EMC CFO Zane Rowe will start as CFO of VMware in March, and Denis Cashman will be EMC’s new CFO. Cashman has been with the company since 1988.
