Dell’s Profit Drops 10% in 2nd Fiscal Quarter of 2024
01 Setembro 2023 - 7:52AM
IH Market News
Dell (NYSE:DELL) reported a net profit of $455 million in the
second fiscal quarter of 2024, a 10% decline compared to the $506
million reported in the same period the previous year.
Shares of the company jumped 9.6% in premarket activity
Friday.
The result fell short of analysts’ expectations polled by
FactSet, which were at $535.1 million. Adjusted earnings per share
reached $1.74, up from $1.68 the previous year. Analysts had
expected $1.14 per share.
Net revenue totaled $22.93 billion, a 13% decrease from the
$26.43 billion in the same period the previous year. The result
exceeded analysts’ estimates polled by FactSet, who were expecting
$20.86 billion.
Recurring revenue, a key metric indicating repeat customer
purchases, ended at $5.6 billion, an 8% increase year-over-year.
Deferred revenue also grew 8% year-over-year, reaching $30.3
billion, mainly attributed by Dell to increases in service and
software maintenance contracts.
“We continue to focus on the most profitable segments of the
market where we have a leadership position. Demand for our
proprietary software-defined storage solution has grown for eight
consecutive quarters,” said Chief Operating Officer Jeff Clarke in
a comment accompanying the results.
Credit Suisse maintains its outperform rating with a target
price raised from USD 62 to USD 74.
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