EMC 2Q profit falls 43 pct but tops Street views

SAN FRANCISCO (AP) — Data storage company EMC says second-quarter profit plunged 43 percent on a sales decline of 11 percent.

The results still topped Wall Street's forecasts as the Hopkinton, Mass.-based company cited improved predictability in customers' spending.

Net income was $205.2 million, or 10 cents per share, compared with $360.1 million, or 17 cents per share, in the year-ago quarter.

Excluding charges for employee stock-based compensation and one-time items, EMC's profit was 18 cents per share in the latest quarter. Analysts expected profit of 16 cents per share, on that same basis.

Sales slid to $3.26 billion, narrowly beating analysts' average projection of $3.2 billion.

EMC expects 2009 sales of $13.8 billion, slightly above Wall Street's estimate of $13.5 billion.

EMC Corp. recently agreed to buy Data Domain Inc. in a $2.1 billion transaction, beating out a rival offer from NetApp Inc.