Joe Tucci, the chief executive of data storage giant EMC Corp. in Hopkinton, said yesterday the world economy will shrink in 2009 for the first time since World War II - but that EMC will keep right on growing.
Speaking in Boston to a group of institutional investors, Tucci said EMC's broad array of storage, security, and virtualization products should let the company increase its lead over rivals despite a brutal recession. "We do believe we're going into this strong," said Tucci, "and we are going to, across the board, make sure we gain share in this environment."
Even though EMC disclosed plans to lay off about 2,400 workers worldwide, hardly any are coming from sales.... Steve Duplessie, a storage analyst at Enterprise Strategy Group in Milford, said there's a good chance that an aggressive EMC can grow market share even in tough times. "Good economy, bad economy, data growth never stops," said Duplessie. He added that EMC is well positioned to benefit if other storage vendors reduce their sales efforts....
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"Profit declines 45% at EMC
Data storage company EMC Corp. said its fourth-quarter profit fell 45 percent as one-time restructuring expenses weighed on its results. Excluding charges, the Hopkinton company's results beat Wall Street estimates, but EMC said it would not issue any financial guidance due to the uncertain economy. EMC said its earnings for the quarter fell to $288 million.... Revenue rose 5 percent to $4.02 billion... as businesses continued to buy its typically recession-proof data storage products. EMC... is laying off 2,400 people (AP)."
And ON TOP of THAT:
"Justice Dept. is looking into EMC's sales to government" by Globe Staff And Wires | March 3, 2009
SEATTLE - EMC Corp., the world's biggest maker of storage computers, said the Justice Department is investigating allegations about the company's sales to the federal government.
The allegations relate to EMC's fee arrangements with partners and its compliance with the terms of certain contracts.... The company is in talks with the government about resolving the investigation without admitting guilt....
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But BUSINESS is BOOMING!
