Thursday October 22, 12:44 PM
UPDATE 1-EMC posts profit ahead of Wall Street view
ORLANDO, Fla., Oct 22 (Reuters) - EMC Corp (NYSE: EMC - news) , the top maker of corporate data storage equipment, reported a quarterly profit ahead of Wall Street projections as it cut costs and said businesses are beginning to spend on technology again.
'Customers are signaling more comfort spending their IT budgets,' Chief Executive Joe Tucci said in a statement.
The company posted profit excluding items of 23 cents per share in the third quarter that ended Sept. 30, beating analysts' average forecast of 21 cents, according to Thomson Reuters I/B/E/S.
Revenue fell 5 percent to $3.52 billion, beating the $3.45 billion average forecast of analysts.
Third-quarter net income fell to $298 million, or 14 cents per share, from $393 million, or 19 cents, a year earlier.
(Reporting by Jim Finkle in Orlando, editing by Maureen Bavdek) Keywords: EMC/
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