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EMC stands for Executive Mea Culpa today, after CEO Joe Tucci blamed himself and senior management for the company's poor revenue result last quarter.
EMC's earnings report today confirmed the numbers it gave out on Monday, but Tucci used the call to explain what went wrong and tried to assure everyone that the ship is not sinking despite two straight bad quarters that prompted the company to cut its guidance for the full year. (See EMC Slips on Symmetrix Transition, EMC Reports Earnings, and EMC Hiccups, Waits for Clariion.)
"I'm deeply disappointed with our performance this quarter," Tucci said on a conference call this morning. "Our overall execution was clearly not up to EMC standards. Our senior executive team, including me, takes responsibility. While we did have some missteps, we are stepping up in taking ownership, and offering no excuses. We can and will do better."
As it forecast Monday, EMC reported revenue of $2.57 billion for the quarter, up 10 percent from the same quarter last year, but below previous guidance of $2.66 billion. EMC today forecast revenue of $2.66 billion for this quarter, but cut its 2006 guidance from $11.1 billion to $10.8 billion.
What went wrong? According to Tucci, the company misjudged demand for the Symmetrix DMX-3 high-end SAN system it launched in January. (See EMC Makes Good on DMX-3.) He said more orders came in for the DMX-3 and fewer for the older DMX-2 than expected late in the quarter, and EMC didn't have enough DMX-3 systems built to fill the orders. He vowed that EMC will make future product transitions faster and smoother.
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