High-end storage giant EMC Corp. generated $1.51 billion in revenue during the fourth quarter, which was a 25 percent gain from the quarter before.
However, the Hopkinton, Mass., company lost $70 million, or 3 cents a share. Still, the company beat Wall Street expectations of a 4 cent to 12 cent loss.
For all of 2001, revenue was $7.09 billion, 20 percent lagging from 2000, with $508 million and $0.23 per share in losses.
“Its great to finish the year with momentum. Last year was painful for the entire technology sector, and it forced EMC to become a better company in many respects,” President and CEO Joe Tucci said Thursday.
Specifically, 2001 brought EMC its most intense competition ever from such high-tech heavyweights as IBM, Hitachi Ltd., Compaq Computer Corp., Sun Microsystems Inc., Hewlett-Packard Co. and Network Appliance Inc.
Tucci credited the revenue increase to EMCs swell of late-2001 news, like new management software, a corporate restructuring, a partnership with Dell Computer Corp. and noteworthy customer wins. But based on the less impressive overall year-end picture, EMC will lay off 6 percent of its work force, to reach 19,000, by the middle of this year, he said.
The better news is that EMC will seek minor acquisitions of software companies to round out its recent storage management product, AutoIS, he said.