EMC shares tumble as targets missed

Shares of EMC, the world’s biggest maker of storage computers, tumbled after forecasting full-year profit that trailed analysts’ estimates and as VMware, the software maker it mostly owns, said it is considering job cuts.

The company, which employs 3,000 people in Ireland and 50,000 globally, said that VMware had missed its analysts’ targets due to cutbacks from corporate customers and will cut 900 jobs, exit some business lines and consolidate facilities.

EMC tumbled 6.6% to $23.53 at in New York, after earlier dropping 8.3% for the biggest drop since Aug 2011.