EMC Reports Loss, Issues Profit Warning
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EMC Corp., maker of data-storage systems, reported its first quarterly loss in a dozen years as it took an $825-million restructuring charge and warned it did not expect to turn a profit until the second half of next year.
The company also said it would increase the number of job cuts it plans this year to 4,000 from the more than 2,000 announced in September.
EMC posted a third-quarter net loss of $945.2 million, or 43 cents a share, reversing year-earlier net income of $458.2 million, or 20 cents a share.
Excluding the $825-million pretax charge, the company posted a loss of $270 million, or 12 cents a share.
EMC shares lost $2.24 to close at $11.21 on the New York Stock Exchange.
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