Dell Reports Declines in Earnings, Revenue
Tech bellwether Dell posted net income for its fiscal fourth quarter ended Feb. 2 of $673 million, or 30 cents a share, and revenue was $14.4 billion.
"We are disappointed with the company's results, but what matters is our future plan of action," said chief executive Michael Dell, in a prepared statement.
In the same quarter last year, Dell reported net income of $1.01 billion, or 43 cents a share, on revenue of $15.18 billion.
The company said it had a one-time benefit of 6 cents associated with a reduction in employee bonuses. In addition, it recorded a charge of 3 cents a share in connection with the ongoing accounting investigation, as well as a one-time gain of 1 cent per share on the sale of real estate.
On Jan. 31, Dell said Chairman Michael Dell would take over running the day-to-day operations of the company he founded in 1984, replacing Kevin Rollins.
In the same announcement, Dell also said it expected earnings-per-share and sales below Thomson First Call estimates, or 32 cents a share on sales of $15.30 billion.