Reuters: Hot Stocks: UPDATE 1-EMC results, outlook hit by U.S. government spending cuts

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UPDATE 1-EMC results, outlook hit by U.S. government spending cuts Oct 22nd 2013, 11:50 Share this Email Print Reprints Tue Oct 22, 2013 7:50am EDT * Q3 profit $0.40/shr vs estimates $0.45/shr * Q3 rev $5.5 bln vs estimates $5.8 bln * Cuts FY rev view to $23.25 bln from $23.5 bln * Blames U.S. federal spending cuts * Shares down 1.5 pct in premarket trade (Adds outlook, share movement) Oct 22 (Reuters) - EMC Corp, the world's largest data storage equipment maker, reported lower-than-expected quarterly results and cut its full-year revenue forecast, hurt by a fall in U.S. federal spending. EMC shares fell nearly 1.5 percent in premarket trading on Tuesday. EMC's unit, VMware Inc, reported a higher-than-expected quarterly profit on Monday, but said it expected government-related revenue to be flat in the current quarter due to the recent two-week government shutdown. In August, EMC's chief rival NetApp Inc also forecast lackluster results for the current quarter blaming the slowdown in government spending. Hopkinton, Massachusetts-based EMC lowered its full-year revenue forecast to $23.25 billion from $23.5 billion. Analysts were expecting revenue of $23.44 billion, according to Thomson Reuters I/B/E/S. Net income attributable to EMC slid to $586 million, or 27 cents per share, in the third quarter ended Sept. 30 from $626 million, or 28 cents per share, a year earlier. Excluding items, it earned 40 cents per share, lower than analysts' estimates of 45 cents per share. Consolidated revenue rose 5 percent to $5.54 billion, missing analysts' expectations of $5.8 billion. Revenue from the United States, which accounts for more than half of total revenue, rose only 2 percent in the quarter. (Reporting by Soham Chatterjee; Editing by Savio D'Souza) Link this Share this Digg this Email Reprints

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