Dell reported earnings after the close today. Net income dropped 17% to $616 million in the quarter on a revenue increase of 11% to $16.4 billion.
Excluding restructuring and other charges, Dell would have earned 33 cents a share. Including the charges, per share earnings are on track to be the lowest the company has recorded since late 2006 or early 2007. And this is after the company spent over a billion dollars to buy back shares.
Yesterday, I wrote a post on the Durable Goods Report (read it here). I made the point that new orders for Computers and related products were down 10.7% in July. That was more than twice the 4.7% drop that occurred in June. Shipments for Computers were down 12.9% in July after being down almost 5% in June.
Well, we recently received earnings from Hewlett-Packard (HPQ). In the PC segment, where they compete directly with Dell, H-P turned in pretty good numbers on a 15% increase in sales.
Given the fact that H-P and Dell are the two largest U.S. PC manufacturers, if one is doing well while orders and shipments are falling, it stands to reason that the other will not be doing so well. That other one had to be Dell.
Disclosure: none
Thursday, August 28, 2008
Dell whiffs - why it was no surprise
With the S&P 500 falling to a fresh two-week low, the big question is whether this is a correction, or the start of a major trend on the downside?
Our friends at MarketClub have just finished a short video that details many of the key concerns that we have for this market. If you have not seen one of their videos before you may enjoy this one. This video does not require a plug-in.
The video is free to watch and there is no need to register. I would love to get your feedback about this video on our blog.
I highly recommend students of the market take a few minutes and watch this timely video. Even if you’re a seasoned pro you may find what you see interesting and therefore profitable.
As always, this informative video is complimentary with no strings attached.
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