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A year ago EMC Corp. predicted its revenue would grow to $12 billion in fiscal 2001. But like many other companies, the data storage system maker reported a drop in revenue for the fiscal year as well as a fourth-quarter loss.
Revenue for the quarter ended Dec. 31 was $1.51 billion, 42% less than the $2.62 billion in revenue it reported in the same quarter a year ago. The net loss for the quarter was $70.16 million, or 3 cents a share, compared with net income of $713.73 million, or 25 cents a share, that it reported in the fourth quarter last year.
For the year 2001, EMC had revenue of $7.09 billion, 20% less the $8.87 billion posted in 2000. The net loss in 2001 was $507.71 million, compared with net income of $1.78 billion in 2000.