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☆ Dell to Cut 5% of Workforce
▼ + stars: | 2023-02-06 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Dell said it is taking steps to reorganize its sales, customer-support, product-development and engineering teams. Dell Technologies Inc. said it is cutting about 5% of its workforce, the latest technology company adding to a wave of layoffs as interest rates rise and financial conditions tighten. The cuts would amount to some 6,600 jobs, based on the 133,000 total workers that the company reported having in early 2022, its most recent disclosed figure.

☆ Dell to Lay Off More Than 6,500 Workers or 5% of Workforce
▼ + stars: | 2023-02-06 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Dell Technologies Inc. said it is cutting about 5% of its workforce, the latest technology company adding to a wave of layoffs as interest rates rise and financial conditions tighten. The cuts would amount to some 6,600 jobs, based on the 133,000 total workers that the company reported having in early 2022, its most recent disclosed figure.

☆ 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 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 lay off 5% of workforce amid PC slump
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

Feb 6 (Reuters) - Dell Technologies Inc (DELL.N) said on Monday it would lay off about 5% of its workforce as it struggles with a slump in the personal computer market and braces for a potential recession. PC demand has collapsed after a two-year boom during the pandemic when people working from home splurged on everything from new monitors and laptops to keyboards. The layoffs also add to the thousands of cuts in the tech industry whose outlook has been shaken by a drop in spending by consumers and businesses due to rising interest rates. Reporting by Aditya Soni; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ RSA Security explores $2 bln-plus sale of Archer -sources
▼ + stars: | 2023-01-18 | by ( Milana Vinn | ) www.reuters.com time to read: +2 min

Clearlake Capital, another private equity firm, invested in RSA the following year. Last year, RSA sold a majority stake in its events business, RSA Conference, to private equity firm Crosspoint Capital Partners for an undisclosed amount. Archer, headquartered in Bedford, Massachusetts, is a governance, risk and compliance software platform with over 15,000 users globally. RSA's other business divisions include identity and access management platform SecureID and threat detection and response software platform NetWitness. Archer is not the only risk management software vendor up for sale in the United States.

[1/3] The sun sets on the U.S. Supreme Court building after a stormy day in Washington, U.S., November 11, 2022. Solicitor General's input on a lower court decision that prevented Apple and Broadcom from arguing the patents were invalid at trial. Apple and Broadcom also told the Federal Circuit that they should have been allowed to challenge the patents' validity at trial. The companies appealed that decision to the Supreme Court last September. The case is Apple Inc v. California Institute of Technology, U.S. Supreme Court, No.

☆ Dell looks to phase out Chinese chips by 2024 - Nikkei
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: 1 min

Jan 4 (Reuters) - Dell Technologies Inc (DELL.N) plans to stop using China-made chips by 2024 and has told suppliers to reduce the amount of other made-in-China components in its products amid concerns over U.S.-Beijing tensions, Nikkei reported on Thursday. The computer maker told suppliers late last year that it aims to meaningfully lower the amount of China-made chips it uses, including those produced at facilities owned by non-Chinese chipmakers, the report added, citing three people with direct knowledge of the matter. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Going Into 2023, CIOs Weigh Tech Priorities Against Economic Realities
▼ + stars: | 2022-12-23 | by ( Angus Loten | ) www.wsj.com time to read: +6 min

Bonnie Titone, chief information officer at Duke Energy Corp., a Charlotte, N.C.-based power producer, said CIOs are being told to get by with less, but without decreasing output or positive outcomes. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. One resource to keep top of mind is talent, said Brad Peterson, Nasdaq Inc.’s chief technology and chief information officer, adding that economic slowdowns can provide opportunities to reassess talent development and succession planning. Diogo Rau, chief information and digital officer at Eli Lilly Photo: Eli Lilly & Co. “My perceptions of the economy haven’t changed the way I plan to approach my role,” said Diogo Rau, chief information and digital officer at Eli Lilly & Co.

☆ U.S. business equipment borrowings rise 9% in November - report
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - U.S. companies borrowed 9% more to finance their equipment investments in November from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday. "Labor markets are stable, inflation woes appear to be abating, consumers are spending, and businesses continue to expand and grow: a recipe for stable growth by providers of equipment financing," Petta added. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.7%, slightly above the October level. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. ELFA's non-profit affiliate, Equipment Leasing & Finance Foundation, said the confidence index in December stood at 45.9, compared with 43.7 in November.

☆ Redis Names Former Five9 CEO to Head Database Startup
▼ + stars: | 2022-12-05 | by ( Belle Lin | ) www.wsj.com time to read: +4 min

Database startup Redis Ltd. has named Rowan Trollope its new chief executive officer, effective Feb. 1. Mr. Trollope was CEO of the cloud-based customer-service software firm Five9 Inc. until Nov. 28, and had served in the role since 2018. After Mr. Trollope’s departure, former Five9 CEO Mike Burkland returned to his previous post. At Redis, Mr. Trollope will succeed Ofer Bengal, who co-founded the startup with Yiftach Shoolman in 2011 and has served as CEO since its founding. Mr. Trollope led Five9 through its plans to merge with Zoom Video Communications Inc. in September of last year.

☆ PC Demand Is Expected to Soften Further as Spending Patterns Shift
▼ + stars: | 2022-11-22 | by ( Denny Jacob | ) www.wsj.com time to read: 1 min

Demand for personal computers is expected to remain subdued into next year as manufacturers deal with a shift in consumer spending away from goods that outperformed during the Covid-19 pandemic. The latest indication comes from Dell Technologies Inc., which late Monday reported a 6% drop in overall revenue for the company’s third quarter, including a 17% drop in the unit that includes sales of laptops and desktops to consumers and commercial clients.

☆ HP to cut about 12% jobs by end of fiscal 2025
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - HP Inc (HPQ.N) said on Tuesday it expects to cut up to 6,000 jobs by the end of fiscal 2025, or about 12% of its global workforce, at a time when sales of personal computers and laptops are sliding as shoppers tighten budgets. The PC maker also forecast a lower-than-expected profit for the first quarter as it expects softness in both consumer and commercial demand. The company, which employs nearly 50,000 people, said it expects to reduce headcount between 4,000 and 6,000. HP forecast current-quarter profit between 70 cents and 80 cents. Reporting by Tiyashi Datta in Bengaluru; Editing by Sriraj Kalluvila and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. business equipment borrowings grew 6% in October- ELFA
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - U.S. companies borrowed 6% more in October to finance equipment investments compared with a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Monday. The companies signed up for $11.3 billion in new loans, leases and lines of credit last month, compared with $10.7 billion a year earlier, according to ELFA. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77%, marginally down from 77.3% in September. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in November stood at 43.7%, down from 45% in October.

☆ Dell quarterly profit jumps on higher server demand, lower costs
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Dell Technologies Inc (DELL.N) posted a 68% rise in quarterly operating profit on Monday, as strong demand for servers and network equipment cushioned weak PC sales and easing supply-chain pressures helped rein in costs. Consumer revenue tumbled 29% and large enterprises, or commercial, revenue, fell 13%. Operating expenses fell 8% in the third quarter ended Oct. 28, the company said. Net income tumbled 93% to $241 million, due to the $1 billion settlement of a lawsuit over a disputed 2018 stock swap. read moreOperating income rose to $1.76 billion, from $1.05 billion a year earlier.

Nov 16 (Reuters) - Dell Technologies Inc (DELL.N) on Wednesday said it reached a $1 billion settlement of a lawsuit accusing it of short-changing some shareholders in a controversial $23.9 billion transaction in 2018 that marked its return as a publicly traded company. The disputed December 2018 transaction involved a stock swap related to Dell's interest in software maker VMware. Dell paid $14 billion in cash and issued 149.4 million Class C shares in exchange for outstanding Class V shares, which tracked VMware's publicly traded stock. Holders of the Class V shares sought $10.7 billion in damages, saying their stock was worth far more than Dell paid for it, while the Class C stock was worth far less than Michael Dell and Silver Lake claimed. Michael Dell was worth $52 billion on Tuesday, according to Forbes magazine.

☆ Dell reaches $1 billion lawsuit settlement
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Dell Technologies Inc (DELL.N) has reached a $1 billion settlement of a lawsuit accusing it of short-changing some investors in an approximately $24 billion transaction where it returned to being a publicly traded company. In a regulatory filing on Wednesday, Dell said the settlement is subject to approval by a Delaware Chancery Court judge, and will be reflected in its third-quarter results. Dell paid $14 billion in cash and issued 149.4 million Class C shares in exchange for all outstanding Class V shares. It said holders of the Class V shares claimed that the transaction was conducted at billions of dollars below fair value. The settlement also covers claims against Goldman Sachs Group Inc (GS.N), a defendant in the lawsuit, Dell said.

☆ U.S. CFOs Ask Congress to Repeal Change to R&D Tax Rules
▼ + stars: | 2022-11-07 | by ( Jennifer Williams-Alvarez | In A Letter Finance Chiefs On The Change To R D Deductibility Tax Rules. | ) www.wsj.com time to read: +8 min

For decades, businesses were allowed to deduct certain R&D expenses straight away to reduce their taxable income. Tax deductions are subtractions from taxable income while tax credits get subtracted from the amount of tax owed. Over the course of this year, companies have been making estimated tax payments that incorporate the R&D change, tax attorneys said. On the agenda: Agreeing on funding the government to avoid a shutdown, aid for Ukraine, alongside potential changes to the treatment of R&D expenses. When it comes to a potential repeal or deferral related to R&D deductibility, timing is crucial, said Shelby Ford, a tax partner at Crowe LLP, a public accounting, consulting and technology firm.

☆ Australian watchdog to take Dell to court for alleged misleading cost claims
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

Nov 4 (Reuters) - Australia's competition regulator said on Friday it would take the local unit of U.S. computer firm Dell Technologies Inc (DELL.N) to court for allegedly misleading people about the cost of buying add-on monitors. The Australian Competition and Consumer Commission (ACCC) said between August 2019 to Dec. 16, 2021, Dell Australia allegedly made false or misleading representations on its website and the potential savings a customer got when an additional monitor was purchased with a computer. In an emailed statement, Dell said the issue affected about 2,100 customers due to an error in its pricing processes which led to incorrect information being displayed on its website about the pricing and savings associated with certain monitors. The company added that it was actively working to update its systems to prevent the error from re-occurring. Reporting by Jaskiran Singh and Upasana Singh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. business equipment borrowings grew 11% in September - ELFA
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - U.S. companies borrowed 11% more in September to finance their equipment investments compared with a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday, while raising doubts over the sustainability of this growth amid slowdown fears. The companies signed up for $10.2 billion in new loans, leases and lines of credit last month, compared with $9.2 billion a year earlier, according to ELFA. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.3%, up from 75.2% in August. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in October stood at 45%, compared with 48.7% in September.

☆ Tighter IT Budgets Hit Global Laptop, PC Shipments
▼ + stars: | 2022-10-10 | by ( Angus Loten | ) www.wsj.com time to read: +4 min

Global shipments of desktop and laptop computers fell in the third quarter by a record 18% on a year-over-year basis to a total of 69.4 million units, according to market research firm Canalys. International Data Corp., a technology industry research firm, reported similar declines in third-quarter consumer PC sales. The firm is expected to report commercial PC sales next week, said IDC research manager Jitesh Ubrani. On Monday, Gartner said laptop demand among large enterprises fell sharply in the third quarter, while overall global PC sales saw their steepest decline in over two decades, Gartner said. In the third quarter, worldwide shipments of personal computers dropped 19.5% from a year ago, Gartner reported.

Many companies that have shifted enterprise-technology tools into the cloud in recent years, in part as a cost-saving measure, say those investments have yet to pay off. Rather than run software and systems in their own hardware, commercial cloud users tap computing capabilities from providers such as Amazon.com Inc. and Microsoft Corp. They are also turning to multiple cloud providers, rather than relying on one cloud, for different systems and applications for different business areas. “Many first movers expected significant IT cost efficiency from their cloud investments,” said Barry Brunsman, a principal in KPMG’s CIO Advisory group. “You really do need to not just take it for granted that cloud is where you should head,” she said.

☆ U.S. business equipment borrowings grow 4% in August - ELFA
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe skyline is seen in Manhattan, New York City, U.S., August 21, 2021. "With the Fed's most recent 75-basis-point jump in short-term interest rates, and the prospect of a hard landing, time will tell whether — and to what extent — these same business owners continue to grow and invest in equipment," ELFA Chief Executive Ralph Petta said in a statement. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in September stood at 48.7%, compared with 50% in August. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kannaki Deka in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Dell forecasts upbeat revenue on strong PC demand
▼ + stars: | 2021-11-23 | by ( ) www.reuters.com time to read: +2 min

Nov 23 (Reuters) - Laptop maker Dell Technologies Inc (DELL.N) on Tuesday forecast current-quarter revenue above estimates, highlighting strong demand for its personal computers and servers from companies moving toward a hybrid work model. Revenue from its infrastructure solutions group, which includes the data center business, was up 5% at $8.4 billion in the quarter. Total revenue jumped 21% to $28.39 billion, compared with analysts' average estimate of $26.82 billion, according to Refinitiv data. Meanwhile, rival PC-maker HP Inc (HPQ.N) also reported a quarterly profit that more than quadrupled to $3.09 billion, and said its personal systems unit posted a 13% rise in revenue. Dell's freshly spun off cloud computing unit, VMware, posted a 10% rise in revenue during the quarter.

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