Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Network Appliance -- Ignore unavailable to you. Want to Upgrade?

To: Jacob Snyder who wrote (9173)	9/19/2001 8:30:48 PM
From: stomper	Respond to of 10934

well...it's a pretty hill, anyway. -dave

To: Jacob Snyder who wrote (9173)	9/19/2001 11:09:24 PM
From: Uncle Frank	Read Replies (1) \| Respond to of 10934

Hmph. I don't think that is in the spirit of the competition. uf

To: Jacob Snyder who wrote (9173)	9/21/2001 1:09:40 AM
From: John Madarasz	Respond to of 10934

now that's flat... Late night EMC warning and layoff announcement. ----------------------------------------------- Thursday September 20, 6:56 pm Eastern Time Press Release SOURCE: EMC Corp. EMC Comments On Third Quarter and Cost Reductions HOPKINTON, Mass.--(BUSINESS WIRE)--Sept. 20, 2001--EMC Corporation today commented on its fiscal third quarter outlook and its plan to reduce operating expenses. Joe Tucci, EMC's President and CEO, said, ``EMC's position as the information storage market leader is extremely strong, but the current economic environment for technology expenditures is worsening globally. It is now clear that further weakening of the economy is causing major cutbacks in many of the industries served by EMC. The business world is simply covered in a blanket of hesitation. At this point in time, it is highly unlikely that EMC will break even in our fiscal third quarter. At our current expense run rate, breaking even would require approximately $1.8 billion in revenue this quarter.'' Tucci said, ``In response to this continuing economic deterioration, we are taking actions to reduce our overall operating costs. EMC's cost reduction efforts will be sweeping in scope, encompassing our workforce, real estate, certain inventories, and other areas.'' EMC expects to take a third-quarter charge in an amount still to be determined. EMC's worldwide workforce is expected to total approximately 21,000 by year-end, down from the current employee base of approximately 23,400. ``This reduction will be especially difficult, as the employees who will leave are highly qualified, dedicated people,'' said Tucci. ``The information storage industry will continue to be a strong, long-term growth industry, and EMC will continue to lead it. The employees impacted by this reduction will be treated fairly, and when the global economy finally turns around and we are able to resume our growth, we sincerely hope to be able to welcome some of the people who leave back into EMC with open arms.'' Mike Ruettgers, EMC Executive Chairman, said, ``There is a great and wide ripple effect happening throughout the world that continues to lengthen this technology spending recession. Each corporate layoff and spending curb tends to have a multiplier effect within the economic food chain. At EMC, we've been working hard. We've been delivering powerful new technology and servicing our customers well. History tells us that the world's economy will rebound, and we know that the information storage market is among the strongest of any technology sector. We aim to stay lean and focused while continuing to work hard developing and delivering the world's best information storage technology and services.''