EMC reports break-even second quarter

HOPKINTON: Data storage machine maker EMC Corp. on Thursday reported a break-even second quarter, as customers skimped on storage spending and rivals cut prices to stunt EMC's once dominant hardware business. EMC said that it earned less than $1 million, or nil cents a share, compared with a year-ago's earnings of $109 million or 5 cents per share.

Excluding the after-tax effects of a $25 million reversal to the third-quarter 2001 restructuring charge, the company said it posted a loss of $11 million, or 1 cent per share. Analysts expected the storage maker to post a loss of 2 cents per share within a range of a one-cent to three-cent loss, according to Thomson First Call.

EMC said that revenue fell to $1.39 billion from $2.02 billion in the year-earlier period. Analysts expected revenue of $1.38 billion, according to Multex.

(C) Reuters Ltd.