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    Even High-Riding EMC Facing Layoffs

    By
    Chris Preimesberger
    -
    January 7, 2009
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      EMC, the world’s largest seller of enterprise data storage hardware and software, said Jan. 7 that it will trim about 2,400 jobs-or about 6 percent of its staff over the next 12 to 15 months-in light of the global recession.
      In filing its preliminary quarterly financial report to the SEC, EMC also reported quarterly profit that was “in line with its most-recent [fourth-quarter] forecast,” company spokesperson Dave Farmer told eWEEK.
      In its fourth-quarter report to be made public on Jan. 27, EMC will report profit of 23 to 24 cents a share, Farmer said. That is in line with the 23-cent average forecast of analysts polled by Reuters Estimates.
      Overall, EMC will report $4 billion in revenue for the fourth quarter on Jan. 27.
      The company will also take a charge of 10 cents per share related to the restructuring, Farmer said.
      “Our goal is to position EMC for continued success throughout the downturn and for even greater success during the next economic growth cycle,” President and CEO Joe Tucci said in a statement to the press.
      The cost cuts are designed to reduce spending by about $350 million in 2009, the company said. Savings from the layoffs are expected to increase to about $500 million in 2010.
      “I was not surprised at either the revenue or the layoffs,” despite EMC’s profitability, storage analyst Brian Babineau of Enterprise Strategy Group told eWEEK. “EMC continues to execute at very high levels, but at some point, the economy catches up with everyone. They are simply being more proactive in aligning costs with what 2009 is expected to bring.”
      EMC shares rose to $12 in after-market trading, from their New York Stock Exchange close of $11.18.

      Chris Preimesberger
      https://www.eweek.com/author/cpreimesberger/
      Chris J. Preimesberger is Editor Emeritus of eWEEK. In his 16 years and more than 5,000 articles at eWEEK, he distinguished himself in reporting and analysis of the business use of new-gen IT in a variety of sectors, including cloud computing, data center systems, storage, edge systems, security and others. In February 2017 and September 2018, Chris was named among the 250 most influential business journalists in the world (https://richtopia.com/inspirational-people/top-250-business-journalists/) by Richtopia, a UK research firm that used analytics to compile the ranking. He has won several national and regional awards for his work, including a 2011 Folio Award for a profile (https://www.eweek.com/cloud/marc-benioff-trend-seer-and-business-socialist/) of Salesforce founder/CEO Marc Benioff--the only time he has entered the competition. Previously, Chris was a founding editor of both IT Manager's Journal and DevX.com and was managing editor of Software Development magazine. He has been a stringer for the Associated Press since 1983 and resides in Silicon Valley.

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