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Despite expecting to meet revenue estimates for its fourth quarter, EMC said on Wednesday that it is instituting a restructuring program that includes laying off 2,400 people.
Slideshow: Most notable IT layoffs of 2008
The restructuring is aimed at streamlining costs associated with EMC's Information Infrastructure business and will not affect VMware, EMC's virtualization subsidiary, the company said.
The 2,400 people represent about 7% of the Information Infrastructure business.
The announcement came as EMC reported that it expects fourth-quarter 2008 revenue to reach $4 billion, up 4% over the same quarter in the previous year. EMC was able to achieve growth despite the economic downturn because virtualization products and information infrastructure are at or near the top of enterprise IT spending priorities, the company said in a statement.
The restructuring plan will also include consolidation of back-office functions and offices, reduction of management layers, decreased spending on contractors and travel, and a rebalance of investments toward higher growth products and markets.
EMC joins a long list of technology companies that have announced layoffs over the past month as the economy continues to deteriorate. The company expects to reveal more details of its restructuring plan in its fourth-quarter earnings announcement, scheduled for Jan. 27.
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