EMC to cut jobs after weak outlook

The data storage company did not say how many jobs would be cut, but expects to take as much as a $150 million charge as a result.

(Image: EMC)

EMC warned it will cut jobs later this year as it forecast a lower-than-expected profit for the year.

The data storage company did not specify how many jobs will be affected, but said they would come before the end of 2015.

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EMC said Thursday it would swallow a charge of up to $150 million on the restructuring.

The company saw a boost from majority-owned VMware, which reported solid earnings this week. But EMC fell short of analyst expectations as it buckles down for a rocky few fiscal quarters on a strong U.S. dollar and a shift to long-term revenue collection.

The company reported earnings of 69 cents per share, up 15 percent on the same quarter a year earlier, on revenue of $7 billion.

Wall Street was expecting 68 cents per share on revenue of $7.1 billion.

EMC cited a stronger dollar for its muted outlook, saying it expects around $1.98 per share on revenue of $26.1 billion -- far below Wall Street estimates.

Average estimates from analysts pegged the company to hit at least $2.13 per share and $26.2 billion in revenue.

EMC shares were up slightly in pre-market trading Thursday.