Bartis HK - Dell Shares Fall as PC Business Plummets, But AI Drives Server, Networking Sales

In early trading on Friday, Dell Technologies (DELL) shares fell about 5% as the personal computer manufacturer continued to struggle with the sluggish recovery of that market following a surge in demand during the pandemic.
CENTRAL, Hong Kong - Dec. 8, 2023 - PRLog -- The company disclosed on Thursday that revenue for the third quarter of fiscal year 2024 decreased 10% year-over-year to $22.3 billion, falling short of expectations. The $1.88 earnings per share (EPS) surpassed all expectations.

Ahead of expectations, revenue at Dell's client solutions division, which comprises sales of personal computers to corporations and consumer electronics, fell 11% to $12.3 billion. In contrast, revenue from servers and networking increased by 9% to $4.7 billion in the second quarter. Jeff Clarke, chief operating officer (COO), stated that customer interest in generative AI drove performance and that "we anticipate revenue growth given the tailwinds to our business" heading into fiscal year 2025.

Dell reported lower-than-anticipated current-quarter sales of $22 billion. The company did increase its forecast for earnings per share for the entire year from $6.30, plus or minus 20 cents, to $6.63, plus or minus 10 cents.

Dell shares, which closed the previous day at a record high, remained near their all-time peak despite Friday's losses. Year-to-date, they have gained approximately 75%.

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