EMC profit sinks, CEO sees tech spend turnaround

SAN FRANCISCO — EMC Corp.'s first-quarter profit dropped 23 percent on weakness in data-storage spending, which until recently had been fairly resilient to the recession and is forcing the company into more cost cuts. But CEO Joe Tucci predicted that slumping information technology spending "has reached or is very near the bottom" and should rebound in the second half of this year.

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EMC 1Q profit drops 23 pct, sales miss view

SAN FRANCISCO — EMC Corp.'s first-quarter profit dropped 23 percent on weakness in data-storage spending, which until recently had been fairly resilient to the recession. CEO Joe Tucci predicted that slumping information technology spending "has reached or is very near the bottom" and should rebound in the second half of this year.

Full article (424 words) »