Business
EMC slices research budget
Storage maker EMC plans to cut back on research and development spending, as it tries to pare costs and stem mounting losses. EMC, one of the dominant technology companies in recent years, has struggled mightily amid the technology slowdown, while pricing pressures have mounted from competitors such as IBM and Hitachi Data Systems.
Storage maker EMC plans to cut back on research and development spending, as it tries to pare costs and stem mounting losses.
EMC, one of the dominant technology companies in recent years, has struggled mightily amid the technology slowdown, while pricing pressures have mounted from competitors such as IBM and Hitachi Data Systems. In a sign of the times, the company last week got into a squabble with Hitachi over a prominent customer.
EMC spent $711.8 million on research and development in the first nine months of 2001, but the overall level of research spending is expected to decline in the next several quarters, the company said. A Securities and Exchange Commission filing did not specify how large the cuts would be. --Margaret Kane, Special to ZDNet News