EMC hopes to defy industry slowdown

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EMC hopes to defy industry slowdown

Storage specialist EMC is keeping an optimistic outlook for 2009. The company on Tuesday issued a final report for its 2008 fiscal year, noting a 12 per cent rise in revenues.

Over the year, the company claimed some US$14.88bn in total revenue.

The 12 per cent increase over 2007 marks the sixth consecutive year of double digit growth.

In terms of revenues, the company also recorded a strong fourth quarter. The company logged US$4.02bn in revenue, the first time EMC has broken the US$4bn mark in a quarter.

When all was said and done, however, the fourth quarter was not as profitable for the company.

A US$240 million bill from restructuring costs pushed total operating income down some 45 per cent over 2007.

The company hopes to trade the short-term pain for long-term growth.

The cuts are expected to yield US$350 million in cost savings in 2009.

EMC predicts that in the coming year it will be able to outperform the rest of the IT market.

"EMC has a firm grasp on what’s required to thrive in tough times and emerge even stronger in the next growth cycle," said chief executive and chairman Joe Tucci.

"We’ve entered 2009 with a robust and diversified business model, which we intend to leverage to extend our technology lead and gain market share."
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