Data storage group EMC has warned that its revenues and earnings for the second quarter will fall well short of Wall Street estimates due to the global slowdown in technology spending.

EMC, which employs more than 1,400 people in Cork, said it expected its second quarter revenues to be about $2 billion instead of analysts forecasts of revenues of $2.43 billion.

"The earnings results for EMC's major customers - the bulk of the S&P 500, for example - have been like a ball rolling down a hill for each of the past three quarters. When our customers earn less money, most of them have less to spend on IT, and they take a longer time to spend what they do have," said EMC chief executive Mr Joe Tucci. Last year the company announced further plans to invest in its Cork operations.