Dell beats by $0.42, misses on revs (75.94 +0.90)
- Reports Q3 (Oct) earnings of $1.88 per share, excluding non-recurring items, $0.42 better than the FactSet Consensus of $1.46; revenues fell 10.0% year/year to $22.25 bln vs the $23.01 bln FactSet Consensus.
- Infrastructure Solutions Group delivered third quarter revenue of $8.5 billion, flat sequentially and down 12% year-over-year. Servers and networking revenue was $4.7 billion, with 9% sequential growth driven by AI-optimized servers. Storage revenue was $3.8 billion, down 8% sequentially with demand strength in unstructured data solutions and data protection. Operating income was $1.1 billion.
- Client Solutions Group delivered third quarter revenue of $12.3 billion, down 11% year-over-year and 5% sequentially. Commercial client revenue was $9.8 billion, and Consumer revenue was $2.4 billion. Operating income was $925 million.
- "Our servers and networking business was up 9% sequentially fueled by customer interest in generative AI. And heading into FY25, we expect revenue growth given the tailwinds to our business." Dell continued to expand its broad portfolio to help customers meet their performance, cost and security requirements across clouds, on premises and at the edge.