EMC Corp.
had a third-quarter profit after the world’s largest maker of
network computer data-storage machines reduced costs by firing
thousands of workers and received a tax gain.
Net income was $21.3 million, or 1 cent a share, compared
with a loss of $945 million, or 43 cents, a year earlier. Not
including a $73 million tax gain, the company would have lost
$51 million, or 2 cents a share. Sales rose 4 percent to
$1.26 billion from $1.21 billion, the company said in a statement.
EMC Chief Executive Officer Joseph Tucci had struggled to
return the company to profitability as demand for storage systems
stalls and competition grows from rivals such as International
Business Machines Corp. and Hitachi Ltd. Sales this quarter will
change little from the third quarter, Chief Financial Officer
William Teuber said on a conference call.
Bloomberg News
