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☆ Dude, you’re not getting a Dell. So why is its stock soaring?
▼ + stars: | 2024-02-29 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —It’s not a good time to be selling PCs — Dell has been grappling with sinking demand for the past few years. But its stock still shot up 20% in after-hours trading after the company excited investors about the tech industry’s favorite buzzwords: artificial intelligence. Dell revenue declined 11% in the fourth quarter. Still, the Texas-based firm noted demand for powerful servers to run AI workloads surged in the last three months. Dell Technologies shares, which reached a record high close to cap Thursday’s trading session, rose almost 20% in after-hours trading.

Persons: New York CNN — It’s, Dell, workloads, “ We’ve, Jeff Clarke, Gartner, ” Clarke, CNN’s Krystal Hur Organizations: New, New York CNN, Dell, Dell Technologies, Nvidia Locations: New York, Texas

☆ Dell shares soar 15% after beating earnings expectations, cites rising demand for AI servers
▼ + stars: | 2024-02-29 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Shares of Dell Technologies popped more than 15% during extended trading Thursday after the company released fourth-quarter results that beat analysts' estimates and showed strong demand for its artificial intelligence servers. The company reported net income $1.16 billion, up 89% from the $614 million it posted in the same period last year. Servers and networking revenue made up the bulk of that, with $4.9 billion in revenue driven by "AI-optimized servers." The company's Client Solutions Group (CSG) reported $11.7 billion for the quarter, down 12% year over year. For its first quarter, Dell said during its quarterly call with investors that it expects to report revenue between $21 billion and $22 billion.

Persons: LSEG, Yvonne McGill, Jeff Clarke, Dell Organizations: Dell Technologies, LSEG, Solutions, CNBC PRO

☆ Dell misses quarterly revenue estimates on slow PC market recovery
▼ + stars: | 2023-11-30 | by ( Harshita Mary Varghese | ) www.reuters.com time to read: +2 min

The company's client solutions group, which includes its consumer and enterprise personal computer business, posted revenue of $12.28 billion for the third quarter, a near 11% fall compared to a year earlier. However, Dell has more impact than its competitors due to the weakness in the business PC market, which is a core market (for the company)," said Mikako Kitagawa, analyst at Gartner. Dell's servers and networking business revenue was up 9% from the second quarter, fueled by customer interest in generative artificial intelligence, Chief Operating Officer Jeff Clarke said. Revenue for the third quarter came in at $22.25 billion for Dell, missing estimates of $23 billion, according to LSEG data. The PC market is expected to bank on demand from AI boost, according to research firm Canalys, as it projects adoption of AI-capable PCs to accelerate from 2025 onward, with such devices accounting for around 60% of all PCs shipped in 2027.

Persons: Brendan McDermid, lockdowns, Dell, Mikako Kitagawa, Jeff Clarke, Harshita Mary Varghese, Maju Samuel Organizations: Dell, Dell Inc, REUTERS, UNITED STATES, Dell Technologies, Gartner, Nvidia, Revenue, Intel, AMD, Thomson Locations: New York

☆ Dell raises full-year forecasts on AI strength, demand recovery
▼ + stars: | 2023-08-31 | by ( Zaheer Kachwala | ) www.reuters.com time to read: +2 min

The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsAug 31 (Reuters) - Dell Technologies (DELL.N) raised its full-year forecast for revenue and profit on Thursday, as it benefited from the artificial intelligence (AI) boom and stabilizing demand for computer hardware and server products after a months-long slump. "AI is already showing it's a long-term tailwind, with continued demand growth across our portfolio," Chief Operating Officer Jeff Clarke said. The company forecast third-quarter revenue between $22.5 billion and $23.5 billion beating analysts' estimates of $21.67 billion, according to Refinitiv data. Dell reported second quarter revenue and EPS above analyst estimates.

Persons: Brendan McDermid, Jeff Clarke, Dell, Mikako Kitagawa, Zaheer Kachwala, Shailesh Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell Technologies, Cisco, Nvidia, Big Tech, Dell, Revenue, Gartner, HP Inc, Thomson Locations: New York, U.S, , Texas, China, Bengaluru

☆ Dell beats quarterly revenue estimates on AI strength, demand recovery
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsAug 31 (Reuters) - Dell Technologies (DELL.N) beat quarterly revenue expectations on Thursday, as it benefited from the artificial intelligence (AI) boom and stabilizing demand for computer hardware and server products after a months-long slump. Servers and networking revenue for the second quarter came in at $4.27 billion, up 11% from the first quarter, driven by higher demand for AI-optimized servers, Dell said. The personal computer maker reported revenue of $22.93 billion for the quarter ended Aug. 4, compared with estimates of $20.85 billion, according to Refinitiv data. Its infrastructure solutions group which includes servers, storage devices and networking hardware, reported revenue of $8.46 billion, up 11% sequentially.

Persons: Brendan McDermid, Dell, Jeff Clarke, Clarke, Zaheer Kachwala, Shailesh Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell Technologies, Cisco, Nvidia, Big Tech, Revenue, HP Inc, Thomson Locations: New York, U.S, , Texas, China, Bengaluru

☆ 2023 layoff tracker: The latest on which companies have announced job cuts
▼ + stars: | 2023-04-25 | by ( Jennifer Korn | ) edition.cnn.com time to read: +20 min

New York CNN —BuzzFeed, Lyft, Whole Foods and Deloitte all recently announced layoffs affecting thousands of US workers. With 11,000 job cuts announced in November and the 10,000 announced in March, Meta’s headcount will fall to around 66,000 — a total reduction of about 25%. The company announced in January that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant. IndeedJob listing website Indeed.com announced cuts of approximately 2,200 employees, representing almost 15% of its total workforce, the company said in March. The cuts come after the company announced several rounds of job cuts throughout the pandemic due to falling demand, followed by rapid hiring last year.

☆ These tech giants are still making money, but layoffs are coming hard and fast
▼ + stars: | 2023-03-24 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Here are some of the more prominent global tech firms that have axed staff despite earning big money. 30 despite a "dynamic environment," CEO Satya Nadella said in the tech giant's annual report. Despite that, Microsoft announced in January that it's laying off 10,000 workers as the firm braces for slower revenue growth. The enterprise software company also returned to positive operating profit growth of 2%. However, SAP announced in January that it's cutting up to 3,000 jobs, as the leadership seeks to steer the company toward double-digit profit growth in 2023.

☆ Dell to lay off 6,650 workers, or 5% of its workforce
▼ + stars: | 2023-02-06 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Dell on Monday announced plans to lay off 5% of its workforce, or about 6,650 employees, according to an SEC filing. As of Jan. 28, 2022, Dell had 133,000 total employees, according to a company filing with the SEC. In the memo to employees, Clarke said Dell has navigated economic downturns before, and "emerged stronger" as a result. The company's layoffs announcement marks the latest round of job cuts in the tech industry, as PayPal announced plans to cut 2,000 jobs Tuesday. Earlier this month, Google announced plans to lay off more than 12,000 workers, Microsoft announced plans to cut 10,000 employees and Salesforce announced plans to lay off 7,000 workers.

☆ Dell to slash about 6,650 jobs -Bloomberg News
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Dell Technologies Inc (DELL.N) will eliminate about 6,650 jobs, or about 5% of its global workforce, hurt by falling demand for its personal computers, Bloomberg News reported on Monday. The company is experiencing market conditions that "continue to erode with an uncertain future," co-Chief Operating Officer Jeff Clarke wrote in a memo to employees, the report said. The previous cost-cutting measures, including a pause on hiring and limits on travel, are no longer enough, Clarke said in the memo. The department reorganizations and job cuts are an opportunity to drive efficiency, a company spokesperson told Bloomberg News. Layoffs in the United States hit a more than two-year high in January as technology firms cut jobs at the second-highest pace on record to brace for a possible recession, a report showed on Thursday.

☆ Dell to slash about 6,650 jobs as it battles slowing demand
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Dell Technologies Inc (DELL.N) will eliminate about 6,650 jobs, or 5% of its global workforce, the company said on Monday, as the PC maker grapples with falling demand and braces for economic uncertainty. "What we know is market conditions continue to erode with an uncertain future," co-Chief Operating Officer Jeff Clarke wrote in a memo to employees. 3D printed clouds and figurines are seen in front of the Dell logo in this illustration taken February 8, 2022. Dell had about 133,000 employees as of Jan. 28, 2022, of which, about one-third were based in the United States. Reporting by Shivani Tanna and Eva Mathews in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Dell to lay off 5% of its workforce
▼ + stars: | 2023-02-06 | by ( Brian Fung | ) edition.cnn.com time to read: +1 min

CNN —Dell plans to lay off roughly 5% of its workforce, the company said in a regulatory filing Monday, in the latest example of tech companies cutting costs in an uncertain economic climate. As of January 2022, Dell said it had 133,000 employees. “The steps we’ve taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough. This marked the largest quarterly shipment decline since Gartner began tracking the PC market in the mid-90s. Dell, in particular, saw a 37% decline in PC vendor unit shipments during the final three months of 2022 compared to the year prior, according to Gartner.

☆ Stocks making the biggest moves midday: Dell, On Semiconductor, PayPal, Catalent & more
▼ + stars: | 2023-02-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

The PayPal logo displayed on a smartphone screen with a stock market graphic in the background. On Semiconductor — Shares gained more than 1% after the company reported earnings Monday that beat Wall Street estimates. The company posted $2.1 billion in revenue for the quarter, a 13.5% increase from $1.85 billion in revenue last year. Dell — The tech company saw its shares fall 3.7% after it announced its plans to lay off 5% of its workforce. PayPal — Shares of the payments company fell more than 3% after Raymond James downgraded the stock to market perform from outperform.

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