Dell Technologies Fiscal Year 2024 Second Quarter Results
Breaking News
Dell Technologies has announced its financial results for its fiscal 2024 second quarter, ending on 29th July 2023.
The company reported revenue of $26.1 billion, down 6% year-over-year, and diluted earnings per share of $1.68, down 19% year-over-year.
Key Highlights
- Revenue declined by 6% year-over-year to $26.1 billion.
- Diluted earnings per share decreased by 19% year-over-year to $1.68.
- Remaining performance obligations totaled $39 billion at the end of the quarter.
- Recurring revenue was $5.6 billion, a decrease of 9% year-over-year.
- The Infrastructure Solutions Group revenue decreased by 12% year-over-year to $14.2 billion.
- Client Solutions Group revenue decreased by 12% year-over-year to $10.1 billion.
- Dell Technologies expects revenue to be in the range of $25.9 billion to $27.2 billion for the fiscal 2024 third quarter.
Commentary from Dell Technologies
In a statement, Dell Technologies CEO Michael Dell said, "We continue to navigate a challenging macroeconomic environment, and we saw a decline in demand in the quarter, particularly in the commercial PC market.
We remain committed to our long-term strategy and are focused on executing our innovation roadmap and improving our operational efficiency." Dell added, "We are confident that we will emerge from this downturn stronger than ever.
Analysis
The decline in revenue and earnings per share was primarily due to a decrease in demand for PCs and servers, particularly in the commercial PC market.
This decline was partially offset by growth in the company's cloud and services businesses. Dell Technologies expects the revenue to be in the range of $25.9 billion to $27.2 billion for the fiscal 2024 third quarter.
Risks
Dell Technologies faces several risks, including: - The ongoing challenging macroeconomic environment, - The decline in demand for PCs and servers, - The increasing competition from other technology companies.
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