EMC Plans Buyback After Quarterly Profit Misses Estimates
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EMC Corp., the world’s biggest maker of storage computers, plans to buy back $1 billion in shares this year after reporting first-quarter earnings that missed analysts’ estimates as customers restrained spending.
Net income fell 1.2 percent to $580.1 million, or 26 cents a share, from $586.8 million, or 27 cents, a year earlier, the Hopkinton, Massachusetts-based company said today in a statement. Excluding some costs, profit was 39 cents a share, missing the 40-cent average of analysts’ estimates compiled by Bloomberg. Sales rose 5.8 percent to $5.39 billion, compared with the $5.42 billion average analyst projection.