PC News: Profits Plunge at Dell

SAN FRANCISCO, Feb 26 (Reuters) – Dell Inc reported steep declines in quarterly sales and profit, sending its shares down more than 3 percent on Thursday.

The world’s No. 2 personal computer maker said net profit in its fiscal fourth quarter ended Jan. 30 fell to $351 million, or 18 cents a share, from $679 million, or 31 cents a share, in the year-ago period.

Excluding one-time items, Dell’s profit was 29 cents a share, above the 28 cent average estimate by analysts surveyed by Reuters Estimates.

Revenue fell 16 percent to $13.4 billion, missing analysts’ average forecast of $14.06 billion.

Shares of Round Rock, Texas-based Dell fell to $7.90 in extended trading from their Nasdaq close of $8.21. The stock has fallen around 65 percent over the past six months.

Source: PCMag.com