October 17, 2006
EMC's profits slip; job cuts announced
By Jeff Lavery
Data storage giant EMC Corp. in Hopkinton released its 3Q results showing profits falling 33 percent on stock option and research costs, Bloomberg reports. The firm also announced plans to lay off 4 percent of its employees.
In an attempt to compensate for falling hardware sales, EMC will cut 1,250 jobs. The firings will also be made in an effort to better integrate its numerous acquisitions made since 2003, including its recent purchases of RSA Security Inc. and Network Intelligence Corp. The news comes with net income falling to $283.7 million in Q3, down from $421.7 million recorded at the same time last year.
Shares of EMC's stock fell 5.8 percent on the year, whereas competitors like HP have recorded gains.
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