Data storage provider EMC cuts forecast, blaming strong dollar

- Data storage products maker EMC Corp slashed its full-year revenue and profit forecast, blaming a strong dollar, and reported quarterly results that fell below Wall Street's expectations. The company's shares fell 2.2 percent to $25.75 in premarket trading on Wednesday.EMC cut its full-year revenue forecast by about $400 million to $25.7 billion and adjusted profit by 7 cents per share to $1.98. (1.usa.gov/1Hk28Kr)Analysts on average were expecting a profit of $1.97 per share on revenue of $25.90 billion, according to Thomson I/B/E/S.EMC got 47.5 percent of its 2014 revenue from outside the United States, according to a regulatory filing in February.The dollar has risen about 9 percent against a basket of currencies in the first three months of the year.EMC's so-called "federated business model" comprises of its main data-storage unit, VMware Inc, enterprise security business RSA and cloud-computing software maker Pivotal.The company said storage revenue in the first quarter ended March 31 was hurt by geo-political factors in Russia and China.Still, total revenue rose to $5.61 billion in the quarter from $5.48 billion a year earlier.Net income attributable to EMC fell to $252 million, or 13 cents per share, from $392 million, or 19 cents per share.Excluding items, the company earned 31 cents per share.Analysts on average had expected a profit of 36 cents on revenue of $5.73 billion.EMC in January had forecast a lower-than-expected profit for the year and said it would cut jobs.VMware on Tuesday reported its slowest revenue growth in seven quarters as IT spending remained sluggish and a stronger dollar weighed on the value of overseas sales. (Reporting by Sai Sachin R in Bengaluru; Editing by Savio D'Souza)