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.
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