EMC cutting back on R&D

HOPKINTON – EMC Corp. announced that it will reduce its research and development expenditures as a result of declining income. EMC’s announcement was included in its quarterly filing with the Security and Exchange Commission. EMC is spending about $900 million this year on R&D, the Boston Globe reported, and plans to reduce that sum to about $800 million. The action reflects comments made by EMC executives last month in announcing a third quarter loss and major layoffs.