EMC

(EMC)

posted third-quarter results in line with Wall Street expectations amid weak technology spending, which the data-storage giant said worsened as the quarter drew to a close.

The company posted a net income of $21 million, or a penny a share; those results included two one-time benefits. Excluding those items, EMC had a loss of $51 million, or two cents a share. A year earlier, the company posted a loss of $945.2 million, or 43 cents a share.

Revenue for the quarter came in at $1.26 billion, up 4% from the year-earlier period and down 9% from the second quarter. Revenue was expected to be $1.25 billion.

EMC, whose shares fell 6.9% to $4.76 Wednesday, said cost-cutting measures and an improved balance sheet helped to mitigate the effects of the punishing halt in corporate information-technology spending.

"The IT spending drought got even worse as the third quarter came to a close," EMC CEO Joe Tucci said in a statement. "We are taking further steps to align our costs with the realities of this painful economy." The company said cost-control efforts over the past year have yielded savings of $280 million. Earlier this month, the company said it would cut its staff by 7% to 17,000, a move that will be completed this quarter.

The company didn't offer any guidance about fourth-quarter or 2003 results. It will hold a conference call at 8 a.m. EDT.