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EMC (NYSE: EMC) reported a 32% drop in its first-quarter earnings and cut its earnings outlook for 2014.

EMC now expects 2014 earnings of $1.90 per share on revenue of $24.58 billion.

EMC's quarterly profit fell to $392 million, or $0.19 per share, versus a year-ago profit of $580 million, or $0.26 per share. Excluding certain items, it earned $0.35 per share. The company had projected earnings of $0.35 per share.

Its revenue rose 1.7% to $5.48 billion, versus analysts' estimates of $5.48 billion.

EMC's board increased its quarterly dividend by 15% to 11.5 cents per share.

EMC shares fell 3.21% to $25.90 in pre-market trading.

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