EMC Corp.'s first-quarter profit dropped 23 percent on weakness in data-storage spending, which until recently had been fairly resilient to the recession and is forcing the company into more cost cuts. But CEO Joe Tucci predicted that slumping information technology spending "has reached or is very near the bottom" and should rebound in the second half of this year. The Hopkinton, Mass.-based company's profit in the opening three months of 2009 still matched Wall Street's modest forecasts, while sales fell short. It warned that profit margins would be lower this year than they were last year, but didn't give detailed guidance, blaming the economic uncertainty.
Source: News Factor