In a statement, Joe Tucci, EMC's president and CEO said, it is "highly unlikely" the company will break even this quarter. To match expenses, the company would need $1.8bn (£1.2bn) in revenue during the quarter, he said.
Analysts polled by Thomson Financial/First Call had predicted the company would post a profit of $0.02 per share for its third quarter.
Last quarter, the company posted revenues of $2.02bn (£1.4bn), down slightly from the year earlier.
Along with the 2,400 redundancies, the company will also launch "sweeping" cost-reduction plans, encompassing real estate, certain inventory and "other areas," Tucci said in the statement. The company now expects to take a third-quarter charge of an undetermined amount.
The company said it hopes to be able to rehire some of the employees when the economy turns around.