Business

Mass. Movers

EMC cuts its forecast for the full year

Joseph Tucci is the CEO of Hopkinton-based EMC, the top storage computer maker.
Jason Grow
Joseph Tucci is the CEO of Hopkinton-based EMC, the top storage computer maker.
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EMC Corp. cut its full-year forecasts after quarterly earnings fell short of estimates as government spending fell. Profit before some costs was 40 cents a share. Analysts predicted 45 cents, on average. Sales were $5.54 billion, versus $5.8 billion predicted. EMC forecast full-year sales of $23.25 billion and adjusted earnings per share of $1.80. In July, it projected $23.5 billion in sales and profit of $1.85 a share. The government generates 8 percent of EMC’s revenue, Barclays says.