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Dell: No Relief in Sight

BusinessWeek - May 29, 2009

Dell dispensed a dose of reality to investors who hoped tech's worst days were over. The computer maker said May 28 that first-quarter earnings tumbled 63%, and sales dropped 23%. On the heels of a tepid sales forecast from rival Hewlett-Packard last week, Dell's report showed that corporations shied away from buying computers in recent months and that they're holding off on placing new orders.

"We're seeing a big deferral of purchases among corporations," Dell CEO Michael Dell said on a conference call discussing results for the period that ended May 1. It was the second straight quarter of big profit declines at Dell, whose net income dropped 48% in the period that ended Jan. 30. Worse, the company doesn't see prospects for improvement. "We don't believe there's enough momentum to call a bottom yet," added Chief Financial Officer Brian Gladden.

Read Full Article from BusinessWeek

- Posted: 2009-05-29 10:49:50


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