Dell shares hit 3½-year low on weak 3Q, outlook |
| Businessweek - Nov 16, 2012 |
Dell shares hit their lowest point in more than three and a half years Friday on concerns about its ability to quickly transition away from the declining PC market.
THE SPARK: Dell reported third-quarter earnings and revenue that were worse than expectations, even for investors who were braced for a dismal quarter.
Revenue dropped 11 percent to $13.72 billion, below the $13.89 billion expected by analysts polled by FactSet. Net income fell 47 percent to $475 million, or 27 cents per share. Excluding certain expenses and accounting charges, adjusted earnings came to 39 cents per share, a penny below estimates.
Its outlook for the fourth quarter is for revenue to fall by as much as 13 percent from a year ago. If the forecast bears out, it would be the fourth consecutive quarter in which Dell's year-over-year revenue decline has gotten worse. The forecast for revenue between $14 billion and $14.4 billion was below the $14.5 billion analysts were looking for.
Read Full Article from Businessweek
- Posted: 2012-11-16 15:03:15
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