Storage giant feels the pinch...
By Mark Graham, 9 July 2001 12:39
NEWS EMC shares closed down 28 per cent on Friday following the data storage software maker's second profit warning this year. In a statement the company blamed a global economic slowdown and the strong US dollar, which it said slowed sales in Europe. This news follows hard on the heels of the company's announcement last month that it plans to cut 1,100 jobs, or four per cent of its worldwide workforce, in an effort to reduce operating costs.
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