EMC posts lower Q4 results than expected

EMC shares rose yesterday as the company posted a smaller than expected Q4 loss.

In the fourth quarter the loss was $70m, or 3 cents. This was down from a loss of $945m in the third quarter, when the company posted its first loss in 12 years.

EMC's revenues for Q4 were $1.51bn, 42% lower than for Q4 2000.

It was in the area of storage products that the company suffered the major downturn in revenue, $842m for Q4 2001, compared to $1.8bn in Q4 2000.

Sales for its software products were down only 27% over the same period.

EMC said that it did not expect any improvement in its results until at least the middle of 2002.

EMC has a major facility in Ovens, Cork where it employs 1,500.

Though last year the company made job cuts worldwide so far there have been no major cuts in its Irish operations.