Tue, Jun 11, 8:12 PM (88 days ago)
Dell Technologies Inc.'s Form 10-Q for the quarter ending May 3, 2024, reveals several key financial metrics and trends. The company's net revenue increased by 6% to $22.2 billion, driven by a 22% rise in Infrastructure Solutions Group (ISG) revenue, particularly from AI-optimized servers. However, Client Solutions Group (CSG) revenue remained flat, with commercial sales up 3% and consumer sales down 15%. Operating income decreased by 14% to $920 million, primarily due to competitive pricing pressures and a shift towards AI-optimized servers. Non-GAAP operating income fell 8% to $1.5 billion. Cash flow from operations was $1.0 billion, down 41% from the prior year, impacted by annual incentive payments and other working capital dynamics. The company returned $2.1 billion to shareholders through stock repurchases and dividends. Dell's debt stood at $25.7 billion, with core debt at $14.5 billion. The company expects continued revenue growth, driven by ISG and CSG, amid a competitive pricing environment and rising input costs.