EMC How high can it go? Message Board

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Technology Stocks : EMC How high can it go?

EMC 29.05

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Sep 15 5:00 PM EST

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To: Gus who wrote (13330)	10/17/2001 8:23:50 AM
From: Glenn Petersen	Read Replies (1) of 17183

EMC posts third-quarter loss on lower sales BOSTON, Oct 17 (Reuters) - EMC Corp. <EMC.N> on Wednesday reported a third-quarter net loss approaching $1 billion -- its first quarterly loss in a dozen years - as the world's top maker of data-storage systems battles stiffer competition and a global downturn in spending for devices that store e-mail, bank transactions and airline data. The Hopkinton, Massachusetts, company said it took a pretax restructuring charge of $825 million for job cuts, excess inventory and facility consolidation. EMC posted a third-quarter net loss of $945.2 million, or 43 cents a share, reversing year-earlier net income of $458.2 million, or 20 cents a share. EMC had warned last month that it was unlikely to break even in the third quarter. Revenue dropped to $1.21 billion from $2.3 billion a year earlier. Besides facing a global downturn in information technology spending, EMC is fending off stepped-up competition from rivals that are dropping prices on hardware and software. 07:11 10-17-01

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