Profit at data-storage company EMC tumbled in the fourth quarter due to charges for, among other things, cutting jobs and repatriating income earned abroad.
Net income in the fourth quarter fell to $148.3 million, or $0.06 per share, compared with $320.5 million, or $0.13 per share, in the same period a year earlier, the Hopkinton, Massachusetts, company said Tuesday in a statement.
The one-time fees include a $180 million charge from tax expenses related to EMC's repatriation of $3 billion in income earned abroad, $80 million to cover severance costs and $14 million from its acquisition of Captiva Software.
Excluding these charges, net income was $409 million, or $0.17 per share.
Fourth-quarter net revenue grew 15 percent to $2.71 billion from $2.36 billion the year before.
That quarterly record revenue tops 10 consecutive quarters of double-digit growth, EMC said.
Demand for its storage systems is growing as businesses seek ways to store mountains of data they are generating with documents, financial records, presentations and e-mail.