Dell Technologies Inc is expected to report a year-over-year decline in earnings on lower revenues when the company announces its first-quarter 2024 financial results on June 1, 2023, after the markets close.
According to the Zacks Consensus Estimate, the computer and technology services provider is anticipated to post quarterly earnings of $0.86 per share, representing a year-over-year decline of about 53%, while the company’s revenue for the period is expected to fall nearly 23% to $20.2 billion.
Dell handily beat the analyst consensus during its fiscal fourth quarter, due to solid sales of servers, storage and infrastructure gear, but the company issued a cautious outlook for its upcoming fiscal year.
“We expect at least the early part of fiscal 2024 to remain challenging,” Dell's co-chief operating officer Chuck Whitten said in statement in March.
Whitten also noted that at the end of fiscal 2023, some industries continued to show growth, such as financial services, transportation, construction and real estate, but that Dell was seeing demand weakness from most other markets.
“Underlying demand in PCs and servers remains weak and we are seeing signs of changing customer behavior in storage,” he added, referring to the cautious spending from medium and small businesses.
Contact Sean at sean@proactiveinvestors.com