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Dell Earnings, Outlook Miss Street Estimates

Dell reported quarterly earnings and revenue that ell short of analysts' expectations on Thursday.

Bulls Go Bottom-Fishing in Dell
AP

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.