Data storage machine maker EMC Corp. broke even in the second quarter, pointing to a difficult storage market that is forcing makers to cut prices in an attempt to woo recalcitrant customers, the company announced Thursday.
The Hopkinton, Massachusetts, company reported net income of US$808,000 for the quarter ended June 30, or $0.00 per share, compared to earnings for the same quarter last year of $109 million or $0.05 per share, EMC said in a statement.
EMC was able to better estimates by analysts polled at Thomson Financial/First Call, which forecast a loss of $0.02 per share.
Revenue in the second quarter was $1.39 billion, a 31 percent decline from $2.02 billion in the same quarter of last year, EMC said.
EMC, which is facing increased competition from IBM Corp., Hitachi Data Systems Corp. (HDS) and Hewlett-Packard Co., said better sales in non-U.S. markets and tight controls over its costs helped the company to gain market share in both hardware and software during the second quarter.