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Mass. Tech Company EMC To Cut 2,400 Jobs

Data storage company EMC says it expects fourth-quarter earnings to beat Wall Street expectations on growing sales.

However, the Hopkinton, Mass.-based company announced it will lay off 2,400 workers, or about 7 percent of its staff, consolidate facilities and reduce costs to boost its competitiveness.

EMC, the world's largest maker of external disk storage devices, expects adjusted earnings of 30 to 31 cents per share on sales of about $4 billion, up 4 percent from last year.

EMC's outlook is a rare piece of good news, as most companies that rely on IT spending have been hit hard by the downturn. The company has not adjusted its sales or earnings estimates since reporting third-quarter results in October.

This program aired on January 7, 2009. The audio for this program is not available.

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