To: Road Walker who wrote (12605 ) 4/19/2001 8:24:06 AM From: hdl Read Replies (1) | Respond to of 17183 Explore Personal Finance Main Quotes Business News Stocks Mutual Funds Planning Real Estate Banking & Loans My Accounts Boards Contests Live Events Calendars search cnnfn the web stock quote track your stocks NEWS deals & debuts technology companies CEOs economy industrywatch company search financial news in brief CNN.com MARKETS track your stocks bonds & rates earnings estimates ipos us markets widely held stocks investor research center a.m. market call p.m. market call world markets currencies commodities tech stocks wall street research morningstar fund report WORLD BUSINESS europe technology weekly calendar asia emerging markets ADRs PERSONAL FINANCE retirement planning mutual funds consumer investing tips & tools SMALL BUSINESS SERVICES broker center bond center travel center fn DELIVERY OPTIONS eye opener market briefing purchase fn video CNNfn on TV program schedule watch cnnfn video SITE INDEX Search News: Technology Top Stories Wall St. seeks encore Ford tops 1Q forecasts UPS profit down in 1Q Xerox 1Q loss below target more ADVERTISEMENT click here Top Stories China, U.S. make progress in talks Wall Street seeks encore Clashes follow Israeli incursions Endeavour ready for afternoon launch more Top Stories Kings rally from late 3-0 deficit, shock Red Wings Wizards' Hamilton resigns after 19-63 season 501 blues: Dodgers done in by Bonds again Red Sox's 9-run 8th spoils McRae's Rays debut more EMC meets lower forecast Data storage firm's profit and revenue fall in line with reduced expectations April 19, 2001: 8:03 a.m. ET BOSTON (Reuters) - EMC Corp., the No. 1 data-storage firm, said Thursday that first-quarter revenue and profit met its sharply lowered expectations as the company works to overcome weaker demand for machines that store digital information. But EMC now is on track to miss its long-stated goal of generating $12 billion in revenue this year, undercutting its previous claims that its storage business is insulated from a slowing economy. The company also confirmed Thursday it has replaced its top sales executive for the third time in two years. EMC said first-quarter earnings rose 20 percent to $399 million, or 18 cents a diluted share, from $332 million, or 15 cents a diluted share, in the year-earlier period. Analysts polled by First Call expected earnings of 18 cents a share. Total consolidated revenue rose 29 percent to $2.34 billion. Total information storage revenue, the mainstay of its business, grew 37 percent to $2.26 billion compared with the year-earlier period. Hopkinton, Mass.-based EMC lowered expectations April 11, saying earnings would miss forecasts by 10 percent, while generating 29 percent revenue growth. EMC (EMC: Research, Estimates) shares closed up $4.90 to $36.66 Wednesday. The stock is off about 45 percent this year, under-performing the 6 percent drop in the S&P 500 Index. stories EMC to miss 1Q forecasts - April 11, 2001 sites EMC Copyright © 2001 CNN America, Inc. An AOL Time Warner Company ALL RIGHTS RESERVED. Terms under which this service is provided to you. privacy policy