UPDATE: EMC Posts Downbeat Q3 Profit, Lowers 2012 Forecast

EMC

reported downbeat third-quarter results and lowered its 2012 forecast. EMC's net income surged to $626.3 million, or $0.28 per share. Excluding items, EMC earned $0.40 per share. Its consolidated revenue increased 6% to $5.28 billion. However, analysts were expecting earnings of $0.42 per share on revenue of $5.46 billion. For the full year, EMC projects earnings of $1.68 to $1.70 on revenue of $21.60 billion to $21.75 billion. However, analysts were expecting earnings of $1.72 per share on revenue of $22.03 billion. EMC shares dropped 6.32% to $23.12 in pre-market trading.