EMC losses narrow due to cost cutting

EMC CORP’S losses narrowed despite revenue declining as the world’s largest maker of computer data-storage machines reduced research, selling and administrative costs.

The net loss for the fourth quarter narrowed to $63.9 million, or 3 cents a share, from $70.2 million, 12 months ago, EMC said in a statement. Sales fell to $1.49 billion from $1.51 billion. EMC employ 1,200 people in Ireland with most working at the company’s plant in Ovens, Co Cork.

Chief executive Joseph Tucci has let go thousands of workers, including 300 voluntary redundancies in Cork, and shut buildings to trim costs and boost gross profit margin, or the amount of sales left after production costs, as companies buy cheaper machines or cancel orders.