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EMC 4Q loss beats forecast
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January 24, 2002: 11:43 a.m. ET
Data storage maker cites growth in information storage and software services.
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NEW YORK (CNN/Money) - Shares of data storage systems provider EMC Corp. jumped almost 15 percent Thursday after the company reported a narrower-than-expected fourth-quarter loss, citing strength in its information storage and software services units.
EMC rose $2.15 to $16.71 in morning trading Thursday.
The data storage company logged a net loss of $70 million, or 3 cents a share, compared with net income of $563 million, or 25 cents a share, in the year-earlier period. The company beat analyst forecasts of loss of 7 cents a share, according to earnings tracker First Call.
It was EMC's (EMC: up $2.41 to $16.97, Research, Estimates) second consecutive quarterly loss after reporting a third-quarter loss of $945 million, or 43 cents a share.
"In the fourth quarter we executed superbly on the cost side of the equation, saw solid improvement on the revenue side and launched our most important software initiative ever," EMC President and CEO Joe Tucci said in a release. "The October introduction of AutoIS marked the beginning of the next major wave of storage automation, simplification and openness for our customers."
Fourth-quarter revenue tumbled 42 percent to about $1.5 billion from $2.6 billion.
The net loss for the year was $508 million, or 23 cents per share, compared with net income for 2000 of $1.78 billion, or 79 cents per share. Revenue for the year fell 20% to $7.09 billion. 
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