Storage specialist finding going tough, say analysts...
Published: 28 March 2002 08:19 GMT
Storage systems-maker EMC may have to contemplate deeper than expected job cuts after analysts said a predicted return to profitability in the second half of this year looks unlikely.
EMC cut 4,000 jobs in 2001 and was looking to cut a further 1,000 by this summer. However, company watchers said the actual figure might be nearer 2,000.
Harry Blount, an analyst with Lehman Brothers, told the Wall Street Journal the company would need to look at a "10 per cent to 15 per cent workforce reduction to get to a position of historical profitability".
Analysts at Salomon Smith Barney and Goldman Sachs agreed that further cost cutting was inevitable.
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