EMC Sales Down 9% In Q1
Hopkinton data storage giant EMC Corp. reported a 9.2 percent first quarter revenue slide and a profit that shrunk by $57.5 million compared to the same period a year ago.
The company said first quarter revenue decreased to $3.15 billion from $3.4 billion a year ago. Net income was $194.1 million, down from $251.6 million a year ago.
Joe Tucci, the company's president and CEO, said in a press release that he believes global IT spending "has reached, or is very near, the bottom." He said he expects customers to ramp up IT spending during the second half of the year.
Overall, the company expects global IT spending in 2009 to decline by as much as 10 percent compared to 2008.
Late last year, the company said it would lay off about 2,400 employees. The company said it would reduce costs by $100 million this year. It was reported this morning that the company would cut pay among salaried executives by between 5 percent and 20 percent.
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