“Dell Inc, the subject of a takeover battle between activist investor Carl Icahn and the company’s billionaire founder, reported a 79 percent slide in profit as personal computer sales continued to shrink,” Poornima Gupta and Edwin Chan report for Reuters.
“Its ‘end-user computing division,’ linked to PC sales, slid 9 percent,” Gupta and Chan report. “The company that had been upheld as a model of innovation as recently as the early 2000s is steadily ceding ground to lower-cost Asian rivals and mobile hardware makers like Apple Inc.”
MacDailyNews Take: Who held it up as a “model of innovation,” exactly? Whatever innovation there was (BTO assembly and shipping), it certainly wasn’t contained in the products they excreted out to their pitiable customers.
Gupta and Chan report, “Net income fell to $130 million from $635 million a year earlier. Excluding certain items, income was down 51 percent to $372 million, or 21 cents a share, from $761 million, or 43 cents a share, a year earlier. That lagged by far the 35 cents Wall Street had expected. Revenue in its fiscal first quarter ended May 3 fell to $14.1 billion, higher than the average analyst estimate of $13.5 billion according to Thomson Reuters I/B/E/S.”
Full article here.
MacDailyNews Take: Oh, what a lovely way to start off the day!