Dell 3Q profit falls as PC spending slows
ROUND ROCK, Texas
High Tech News, AP - 1 year ago
Dell says its third-quarter profit fell 5 percent as businesses around the world spent less on computers.
Dell Inc.'s earnings dipped to $727 million, from $766 million a year ago. But Dell bought back a significant number of shares over the last year, pushing earnings per share up 9 percent, to 37 cents per share.
Sales slipped 3 percent to about $15 billion. Dell blamed a corporate spending slowdown, saying that its consumer PC sales improved by 10 percent.
Wall Street was expecting Dell to report higher revenue and profit, according to a Thomson Reuters survey of analysts.
Shares of Dell fell 5 percent to close at $9.81 before the earnings report came out.