EMC Reports Loss, Plans to Cut Jobs

Data storage firm EMC Corp. reported a wider-than-expected preliminary third-quarter loss of 2 cents a share and said it would reduce its work force by 7%.

The company reported preliminary revenue of $1.25 billion, also below expectations. It said that after the job cuts it would have 17,000 employees.

EMC said it no longer expected to be profitable in the second half. EMC shares rose 13 cents to $5.01 on the New York Stock Exchange before the news was announced.