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21 Sep 2001
Shares in storage giant EMC took a dive yesterday [Thursday] when the firm said it would axe ten per cent of its staff and may post third quarter losses.
About 2400 workers look set to lose their jobs after the company said it was "highly unlikely" to break even in the third quarter.
The announcement sent shares in the company spiralling down by around seven per cent to close at $12.62 yesterday.
EMC said the move was in response to a sharp drop in demand for storage products, and that breaking even would require an unlikely revenue of $1.8bn.
The company previously slashed four per cent of its workforce, or 1100 people, back in May. The new figures are in addition to those already announced.
Most of the cuts will be at the company's main campus in Massachusetts, where over 8000 workers are based.
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