By John Oates, 25 January 2002 09:15
NEWS EMC shares rose 16 per cent yesterday despite the company posting its second consecutive quarterly loss. EMC lost $70m for the fourth quarter ended December 31, compared with a profit of $568m for the same period last year. But the loss was lower than Wall Street expected and EMC stock was the second most traded yesterday - 33 million shares changed hands, according to Reuters. Joe Tucci, chief executive of EMC, said price competition in the market was tough but easing slightly. EMC is moving to provide software to run on its competitors hardware, previously it focussed on selling bundled software and hardware. The company expects the second half of 2002 to be profitable - pushed in part by the deal it signed with Dell late last year.
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