Dell Inc. (NASDAQ:DELL) delivered mixed third quarter fiscal 2024 financial results after Thursday’s close, beating on the bottom line while its top-line figure fell short.
Dell stock slipped as much as 4% after hours.
The computer company’s 3Q revenue declined 10% year over year to $22.3 billion, just shy of the $23.01 billion consensus analyst estimate, on a slower-than-expected recovery in the hardware and software market.
Its adjusted earnings per share (EPS) for the period, meanwhile, came in at $1.88, surpassing Wall Street expectations of $1.46.
Dell experienced a sixth consecutive decline in personal computer (PC) shipments from July to September due to weak spending by its key enterprise customer base as a result of a sluggish economy, Reuters reported, citing data from research firm Gartner last month.
Dell’s chief operating officer Jeff Clarke, however, said the company's servers and networking business revenue was up 9% sequentially, driven by customer interest in generative artificial intelligence, the media outlet noted.
Shares of Dell have gained 86% year to date as of Thursday’s closing price.
Contact Sean at sean@proactiveinvestors.com