EMC Announces Record Revenue, Job Cuts

Data storage company EMC(EMC Quote) announced record quarterly revenue in its preliminary fourth-quarter results late Wednesday but also revealed plans to cut 2,400 jobs as part of a major restructuring effort.

Despite the spending slowdown that has troubled much of the tech sector, EMC announced preliminary results in line with both its own estimates and Wall Street's predictions. The news pushed EMC's shares up 60 cents, or 5.37%, to $11.78 in extended trading Wednesday.

The Hopkinton, Mass.-based firm will report record quarterly revenue of $4 billion later this month, a 4% increase on the year-ago quarter, and just above analysts' estimate of $3.96 billion. ...