NEW YORK (TheStreet) -- EMC (EMC) shares are down 1.26% to $26.26 in trading on Thursday after the IT operations service provider reported its fourth quarter earnings results and said that it would cut an unspecified number of jobs as part of its previously approved restructuring plan.
The Hopkinton, MA based company reported fourth quarter earnings of 69 cents per diluted share on revenue of $7 billion. Analysts on average were expecting the company to report earnings of 68 cents per share on revenue of $7.1 billion.
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The company expects to take a charge between $130 million and $150 million following the execution of its restructuring plan, according to yesterday's regulatory filing.
This is the second time in recent history the company's workforce of 68,000 employees has faced trimming. Last year the company announced that it would cut 1,000 jobs in 2014.
TheStreet Ratings team rates EMC CORP/MA as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate EMC CORP/MA (EMC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: EMC Ratings Report