Dell revenue growth slows on strong dollar, China lockdowns
The Hindu
Consumer revenue fell 9%, echoing weakness seen at Intel Corp. and Lenovo Group as demand weakened after a pandemic-fuelled boom
Dell Technologies Inc posted its slowest revenue growth in six quarters on Thursday as a surge in the dollar and COVID-19 flare-ups in major market China offset a jump in its enterprise-focused business.
Shares of the company fell more than 7% in extended trading.
The greenback surge has this year eaten into the earnings of technology firms from Microsoft Inc. to Apple Inc., compounding pressure from a drop in consumer spending on electronics such as personal computers and smartphones.
Dell's revenue rose 9% to $26.43 billion in the quarter to July 29 and was roughly in line with market expectations, according to Refinitiv data.
Consumer revenue fell 9%, echoing weakness seen at Intel Corp. and Lenovo Group as demand weakened after a pandemic-fuelled boom and decades-high inflation prompted consumers to prioritise essentials.
But orders from businesses gearing up for the hybrid-work era pushed Dell's commercial revenue up by 15% to $12.1 billion. The storage and servers-focused unit also posted strong growth.
Net income from continuing operations fell to $506 million, from $629 million a year ago.
Almaya Munnettam (Lay People to the Fore), group in the Ernakulam-Angamaly Archdiocese of the Syro-Malabar Church opposed to the synod-recommended Mass, rejected a circular issued by Major Archbishop Raphael Thattil and apostolic administrator Bosco Puthur on June 9 to implement the unified Mass in the archdiocese from July 3.
Pakistan coach Gary Kirsten stated that “not so great decision making” contributed to his side’s defeat to India in the Group-A T20 World Cup clash here on Sunday. The batting unit came apart in the chase, after being well placed at 72 for two. With 48 runs needed from eight overs, Pakistan found a way to panic and lose. “Maybe not so great decision making,” Kirsten said at the post-match press conference, when asked to explain the loss.