EMC Cuts 1,100 Jobs
Data storage systems maker EMC Corp. on Tuesday said it will cut 1,100 jobs, or 4 percent of its global work force, as it tries to reach 2001 revenue growth targets of 20 percent or more, grow market share, and cut expenses.
The company said in a statement it would post a one cent charge in the second quarter for the job cuts and redeployments that are part of its efforts to increase its market share. EMC said it still expects to invest $1 billion in research and development during 2001. It is investing heavily in its internal information technology infrastructure and looking for areas where it can build talent in several strategic areas.
The job cuts, which will be implemented over the next several weeks, will leave its total headcount at about the same level as it was when the current year began.
The measures, which also include reducing use of consultants and contractors and delaying facilities expansion, target costs built in anticipation of higher 2001 revenue growth before the impact of the slowing economy and the dot-com shakeout had been felt.