EMC hopes to defy industry slowdown

EMC has reported a 12 per cent rise in revenues during 2008

Storage specialist EMC is keeping an optimistic outlook for 2009, having reported its sixth consecutive year of double-digit growth.

The company announced a 12 per cent rise in revenues in its 2008 fiscal year to $14.88bn (£10.42bn).

EMC also recorded a strong fourth quarter, breaking the $4bn barrier for the first time to log $4.02bn (£2.81bn) in revenues.

However, the fourth quarter was not as profitable for the company as the figures might suggest. A $240m (£168m) bill from restructuring costs pushed total operating income down by 45 per cent over 2007.

The firm hopes to trade the short-term pain for long-term growth, however, and said that the restructuring is expected to yield $350m (£245m) in cost savings in 2009.

EMC predicts that it will be able to outperform the rest of the IT market in the coming year.

"EMC has a firm grasp on what's required to thrive in tough times and emerge even stronger in the next growth cycle," said chief executive and chairman Joe Tucci.

"We have entered 2009 with a robust and diversified business model, which we intend to leverage to extend our technology lead and gain market share."