EMC to Lay Off 1,300
Storage giant will lose some 7 percent of its global workforce.EMC Corp. will lay off more than 1,300 workersor about 7 percent of its global workforceas it continues to struggle with the IT industry slump. The Hopkinton, Mass., storage giant also announced on Thursday that it expects revenues for the third quarter, which ended Sept. 30, to come in at $1.25 billion, less than the $1.39 billion that the company generated in the second quarter. Furthermore, EMCs Board of Directors plans to buy back 250 million shares, in addition to the 50 million it re-acquired in May, the company said in a statement in which it also said it will not meet its goal of returning to profitability in the second half of the 2002 fiscal year.
EMC is scheduled to report earnings Oct. 17.