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EMC (EMC) beat third-quarter targets and set plans for 1,250 layoffs.

The Hopkinton, Mass., network storage company made $284 million, or 13 cents a share, for the quarter ended Sept. 30. That's down from the year-ago $422 million, or 18 cents a share. Revenue rose to $2.82 billion from $2.37 billion a year earlier.

Analysts surveyed by Thomson Financial were looking for a 12-cent profit on sales of $2.67 billion.

EMC said the firings would come as it moves to "implement consolidation efforts designed to deliver a more unified experience to customers through the further integration of EMC and most of the 21 acquisitions made over the past three years and by improving efficiencies across the company's business."

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The company said it expects to make 16 cents a share on an operating basis in the fourth quarter on sales of $3.16 billion. That includes a $110 million sales contribution from the new security division.

EMC expects to make 9 cents in the fourth quarter after a 6-cent charge tied to the layoffs and a penny-a-share cost tied to RSA Security acquisition loan interest.

Analysts were looking for a 16-cent profit on sales of $3.05 billion.