EMC Tumbles on Loss, Forecast

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Updated from 9:08 a.m. EDT

EMC

(EMC)

was down 5.7% in early trading after it posted a third-quarter loss said it does not expect to turn a profit again until the middle of next year.

The data storage giant said it lost 12 cents per share including items, down from a profit of 20 cents per share a year ago and below the Thomson Financial/First Call consensus estimate of a loss of 11 cents per share. It was EMC's first loss in 12 years.

EMC also said it will increase the number of job cuts it plans this year to 4,000 from the 2,000 or so it announced in September. The latest reductions would bring its workforce to about 19,000.

In a conference call after the earnings release, Chief Financial Officer Bill Teuber said the company would not become profitable again until the second quarter next year, although it could turn things around sooner.