Updated from 10:32 a.m. EDTStorage giant EMC's ( EMC) first-quarter profit has plunged 23%, although the firm says that IT spending is poised for a rebound. EMC's revenue also slumped 9.2% year over year, coming in at $3.15 billion, below analysts' estimate of $3.25 billion. Adjusted for currency, the Hopkinton, Mass.-based firm's sales slipped 5.7%. Investors were less than impressed with the first-quarter numbers. Shares of EMC, which competes with IBM ( IBM) and Hewlett-Packard ( HPQ), slipped 1.9% to $12.46 in recent trading.