Massachusetts based IT company EMC, maker of enterprise content management (ECM) software Documentum, announced today that its fourth quarter profit fell 45 percent, due mostly to restructuring costs.
Earlier this month, EMC announced it would be cutting 2,400 jobs over the next 18 months and freezing salaries for all employees as it prepared to restructure – which it said will cost $75 million in 2009.
Company revenue rose 5 percent in 2008, climbing to $4.02 billion and the company says it expects businesses to spend more than usual on its technology in 2009 despite a global recession.
The company said revenue from its information infrastructure business, which includes ECM product Documentum, rose 2 percent over the year to $3.5 billion.
EMC president and CEO Joe Tucci said the company intends to gain market share in 2009 and will invest heavily in research and development over the year.
"EMC has a firm grasp on what”s required to thrive in tough times and emerge even stronger in the next growth cycle," he said. "We remain intensely focused on customers” top priorities – saving money, attaining a faster ROI, reducing risk and preparing for the delivery of next-generation data centers."