EMC shares fell by more than a quarter after the firm slashed sales forecasts for the quarter to the end of June, blaming an "unanticipated" deterioration in the global economy.
The storage giant said the US slump had spread to "virtually all international geographies".
EMC, which cut estimates in April, said it would report second-quarter revenues of around £1.42bn ($2bn) and earnings per share of between four and six cents. Analysts had predicted estimates of 17 cents per share.
EMC shares fell $8.43 to $21.60 on Friday, after closing 11 per cent down on Thursday.
Joe Tucci, chief executive at EMC, said: "EMC's business is being impacted to a degree with each unanticipated step in the global economy. It now appears that there are fewer dollars being invested in information technology than a year ago.
"The earnings results of our major customers have been like a ball rolling down a hill for each of the past three quarters."
Analysts earlier this year thought the storage industry would be better able to ride out the IT slump than other technology sectors, but did say EMC may be overconfident of its prospects.
However, EMC's revised estimates show the slump has been more significant that at first thought.
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