Dell Earnings, Outlook Miss Street Estimates
Dell reported quarterly earnings and revenue that ell short of analysts' expectations on Thursday.
Despite the earnings miss, the company's shares initially traded higher in extended-hours trading, then turned lower. (Click here to get the latest quotes for Dell.)
Net income fell 47 percent to $475 million, or 27 cents per share, from $893 million, or 49 cents per share.
Excluding costs related to amortization and acquisition-related charges, Dell earned $679 million, or 39 cents per share, down from $983 million, or 54 cents a share.
Revenue decreased 11 percent to $13.72 billion from $15.37 billion a year ago.
Analysts had expected the company to report earnings excluding items of 40 cents a share on $13.90 billion in revenue, according to a consensus estimate from Thomson Reuters.
In its earnings release, Dell said it expects the global macro-economic environment to remain challenging. Still, it expects sequential revenue growth of 2 to 5 percent and backed its projection for full-year earnings of $1.70 a share on a non-GAAP basis. Wall Street forecasts call for earnings of $1.73 per share, according to a consensus estimate from Thomson Reuters.