EMC posted first-quarter net income of $252 million, or 13 cents a share, down from $728 million, or 19 cents a share, in the same period one year earlier. Revenue climbed 2% year-over-year to $5.6 billion.
Adjusted earnings totaled 31 cents a share, down from 35 cents one year earlier.
Analysts polled by Thomson Reuters had expected earnings of 36 cents a share on revenue of $5.74 billion.
EMC now expects full-year currency-adjusted profit of $1.91 a share on revenue of $25.7 billion, down from its January projection of $1.98 a share on revenue of $26.1 billion.
Separately, TheStreet Ratings team rates EMC CORP/MA as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate EMC CORP/MA (EMC) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. 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, expanding profit margins, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."
You can view the full analysis from the report here: EMC Ratings Report