EMC set to break all profit records

EMC Corporation which employs more than 1,000 at its Co Cork plant has reported preliminary fourth-quarter and full 2005 fiscal year revenues exceeding previously announced fourth-quarter revenue expectations and establishing new all-time company record highs for quarterly and full-year revenues.

The firm also said it plans to lay off 1,000 workers worldwide, with further information on this later in the year, but didn’t say where the cuts would happen.

The company is the world leader in the design and supply of information storage equipment, with most of the biggest companies in the world as customers.

Company chairman and chief executive Joe Tucci said they expected to report total consolidated revenues for the fourth quarter between US$2.70bn (€2.24bn) and US$2.71bn (€2.25bn).

Consolidated revenues for the full 2005 fiscal year were expected to be between US$9.65bn (€8bn) and US$9.66bn (€8.1bn), an increase of 17% over 2004.

Mr Tucci said organisations around the world were investing in their services to capture greater value from their information infrastructures and accelerate their businesses.

In the fourth quarter, EMC repatriated approximately US$3bn (€2.49bn).

In December the company approved a plan to increase focus on product development and expand its sales coverage around the world.