Dell's first-quarter revenue of $26.1 billion

Dell Technologies today announced the company's first quarter financial report for fiscal year 2023. The report shows that Dell's total net revenue in the first quarter was $ 26.116 billion, an increase of 16% compared with $22.590 billion in the same period last year ; net profit from continuing operations was $1.069 billion, compared with the previous year . Net profit from continuing operations in the same period was US$659 million, a year-on- year increase of 62% ; net profit attributable to Dell was US$1.072 billion, compared with US$887 million attributable to Dell in the same period last year, a year -on-year increase of US$887 million. A 21% increase ; non-GAAP adjusted net income was $1,434 million, up 36% from $1,055 million a year earlier.

Dell Technologies' first-quarter adjusted revenue and earnings per share beat Wall Street analysts' expectations, pushing its shares up more than 5% after hours.

First-quarter results summary:

In the quarter ended April 29, 2023, Dell Technologies' net income from continuing operations was $1.069 billion, compared with $659 million in net income from continuing operations in the same period last year Up 62%; diluted earnings per share from continuing operations were $1.37, compared to earnings per diluted share from continuing operations of $0.84 a year earlier. Dell Technologies' first-quarter net income from continuing operations accounted for 4.1 percent of total net revenue, compared with 2.9 percent a year earlier.

Net income attributable to Dell in the fiscal first quarter was $1.072 billion, compared with $887 million in the same period last year, an increase of 21% year-over-year.

Not in accordance with GAAP (excluding intangible asset amortization expense, tax impact, stock-based compensation expense and other one-time items), Dell Technologies adjusted net income for the fiscal first quarter was $1.434 billion, compared with $1.055 in the same period last year $1.84 in adjusted earnings per share, up 36% from $1.35 a year earlier, beating analyst expectations. According to data provided by Yahoo Finance Channel, 14 analysts had expected Dell Technologies' first-quarter adjusted earnings per share to reach $1.39 on average. Not in accordance with GAAP, Dell Technologies' first-quarter adjusted net profit margin was 5.5%, compared with 4.7% a year earlier.

Dell's total net revenue for the fiscal first quarter was $26.116 billion, an increase of 16% compared to $22.590 billion in the same period last year. Not in accordance with US GAAP, Dell Technologies' first-quarter adjusted net revenue was also $26.116 billion, an increase of 16% compared with $22.598 billion in the same period last year, exceeding analysts' expectations. According to data provided by Yahoo Finance Channel, 11 analysts had expected Dell Technologies' first-quarter revenue to reach $25.04 billion on average.

Dell Technologies first-quarter operating profit was $1.550 billion, an increase of 57% compared with $987 million in the same period last year; operating profit margin was 5.9%, compared with 4.4% in the same period last year. Not in accordance with GAAP, Dell Technologies' adjusted operating profit in the fiscal first quarter was $2.135 billion, an increase of 21% compared to $1.770 billion in the same period last year; adjusted operating profit margin was 8.2%, compared to The same period last year was 7.8%.

Divided by overall business category, Dell Technologies' first-quarter product revenue was $20.464 billion, an increase of 17% compared with $17.487 billion in the same period last year; services revenue was $5.652 billion, compared with $5.103 billion in the same period last year Compared to an increase of 11%.

By specific business sector:

Dell Technologies first-quarter revenue from the Infrastructure Solutions Group was $9.285 billion , up 16 percent from $8.033 billion a year earlier. Among them, server and networking business revenue was $5.048 billion, an increase of 22% compared with $4.140 billion in the same period last year; storage business revenue was $4.237 billion, an increase of 9% compared with $3.893 billion in the same period last year. The Infrastructure Solutions Group's operating profit in the fiscal first quarter was $1.082 billion, an increase of 39% year-on-year, and accounted for 11.7% of the group's revenue, compared with operating profit of $778 million in the same period last year, It accounted for 9.7% of the group's revenue.

Dell Technologies first-quarter revenue from the Customer Solutions Group was $15.587 billion , an increase of 17% compared to $13.311 billion in the same period last year. Among them, the revenue of the commercial division was US$11.971 billion, an increase of 22% compared with US$9.808 billion in the same period of the previous year; the revenue of the consumer division was US$3.616 billion, an increase of 3% compared with US$3.503 billion in the same period of the previous year. Operating profit for the Client Solutions Group in the fiscal first quarter was $1.115 billion, an increase of 3% year-over-year, and accounted for 7.2% of the group's revenue, compared with operating profit of $1.080 billion in the same period last year. The group's revenue accounted for 8.1%.

Dell Technologies' total cost of revenue in the fiscal first quarter was $ 20.332 billion, an increase of 17% compared to $17.326 billion in the same period last year. Among them, the cost of product revenue was $17.009 billion, an increase of 18% compared with $14.434 billion in the same period last year; the cost of service revenue was $3.323 billion, an increase of 15% compared with $2.892 billion in the same period last year.

Dell Technologies' first-quarter gross profit was $ 5.784 billion, an increase of 10% compared with $5.264 billion in the same period last year; gross profit margin was 22.1%, compared with 23.3% in the same period last year. Not in accordance with GAAP, Dell Technologies' first-quarter adjusted gross profit was $5.941 billion, an increase of 9% compared to $5.464 billion in the same period last year; adjusted gross profit margin was 22.7%, compared to the previous year It was 24.2% in the same period.

Dell Technologies' total operating expenses in the fiscal first quarter were $4.234 billion , down 1% year-over-year, and accounted for 16.2% of total net revenue, compared to $4.277 billion in the same period last year. The proportion is 18.9%. Among them, selling, general and administrative expenses were US$3.553 billion, down 3% year-on-year, accounting for 13.6% of total net revenue, compared with US$3.658 billion in the same period last year, accounting for 13.6% of total net revenue. accounted for 16.2%; R&D expenditure was $681 million, an increase of 10% year-on-year, and accounted for 2.6% of total net revenue, compared with $619 million in the same period last year, accounting for 10% of total net revenue. The proportion is 2.7%.

Dell Technologies' first-quarter cash flow from operating activities was -$269 million , compared with $2.238 billion in the same period last year. At the end of the first quarter of fiscal 2023, Dell Technologies held a cash and investment balance of $8.5 billion; total deferred revenue was $27.4 billion; and remaining performance obligations were $42 billion, an increase of 14% year-over-year. Dell Technologies' first-quarter recurring revenue was approximately $5.3 billion, up 15% year over year.

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