Dell Technologies Inc forecast current-quarter revenue and profit below Wall Street estimates on Thursday, hit by an ongoing demand slump in its PC business due to consumers and businesses delaying system upgrades.
Q4 EPS of $1.80 tops est of $1.63forecast current-quarter revenue and profit below Wall Street estimates on Thursday, hit by an ongoing demand slump in its PC business due to consumers and businesses delaying system upgrades.
The PC maker's shares fell about 3% in extended trading after the forecast, reversing course from a 6% rise on estimate-beating fourth-quarter results. Dell, which makes most of its revenue from PC sales, has seen demand wane off from pandemic highs in its enterprise and consumer businesses although that has somewhat been offset by strong storage and server demand.
Revenue in the company's infrastructure solutions group, which includes servers, storage devices and networking hardware, rose 7% in the fourth quarter ended Feb. 3. Meanwhile, revenue from the commercial and consumer units, which indicate PC demand, was down 17% and 40%, respectively. Dell forecast first-quarter revenue to decline between 17% and 21%. Analysts on average were expecting it to be down by 17.4%, according to Refinitiv data.
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