(Bloomberg) -- EMC Corp. reported a decline in earnings, in line with analysts’ estimates, in a slowing market for storage devices, as it cuts jobs and moves forward with a planned $67 billion takeover by Dell Inc.

Fourth-quarter profit excluding certain costs slipped 10 percent to $1.27 billion, or 65 cents a share, EMC said in a filing Wednesday. Revenue was little changed from a year earlier at $7 billion. Analysts on average had projected profit of 65 cents and sales of $7.12 billion, according to data compiled by Bloomberg.

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