EMC has revealed the elimination of an undisclosed number of jobs to take charges worth $150 million on the restructuring.
The news came last Thursday as the company forecast 2015 profit trailed analysts’ estimates.
The giant “expects to end 2015 with more employees than at the beginning,” it told SDxCentral in a statement. It was also said that the restructuring “will place priority on shifting impacted individuals to faster-growing areas of the business.”
As compared to the same quarter last year, EMC has reported that with a revenue of $7 billion, there has been an increase of 15 percent, at earnings of 69 cents per share.
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Wall Street was expecting 68 cents per share on revenue of $7.1 billion, reports ZDNet.
In spite of the majority stakeholder, VMWare leverage that saw favourable earnings in the past week, profit rates have been brought down to $1.98 per share for 2015, on revenue of $26.1 billion where analysts had predicted $2.13 per share on revenue of $26.21 billion, according to Thompson Reuter, owing to precarious exchange rates.
Read the full story at ZDNet here.
(Image credit: EMC)