January 27, 2009
EMC Quarterly Profit Down 45%
By Matthew L. Brown
Hopkinton-based EMC Corp.'s fourth quarter profit fell 45 percent, from $526 million to $288 million, on restructuring charges.
The data storage giant's fourth quarter revenue hit $4 billion, an increase of 8 percent over the third quarter and 5 percent over the fourth quarter of 2007.
For the full year, the company reported revenue of $14.9 billion, a 12 percent increase over the prior year, and a profit of $1.4 billion, a 14 percent increase over 2007. The company said it also increased its cash reserves by 9 percent.
EMC announced recently that it would lay off about 2,400 employees, 600 of them in Massachusetts.
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