Dell Technologies’ net income climbs to £660 million in fiscal Q3

Dell Technologies’ net income climbs to £660 million in fiscal Q3
Written by:
Wajeeh Khan
November 25, 2020
  • Dell Technologies’ net income climbs to £660 million in fiscal Q3.
  • The technology giant reports £17.61 billion of revenue.
  • Dell Technologies earned £1.52 per share on an adjusted basis.

Dell Technologies Inc. (NYSE: DELL) published its earnings report for the fiscal third quarter on Tuesday that topped analysts’ estimates for earnings and revenue.

Dell Technologies was reported about 0.5% down in extended trading on Tuesday. At £52.27 per share, the tech giant’s shares that you can learn to buy online here, are roughly 35% up year to date in the stock market after recovering from a low of £21.62 per share in March, when the impact of COVID-19 was at its peak.

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The Coronavirus pandemic has so far infected more than 13 million people in the U.S. and caused over a quarter million deaths.

Dell’s Q3 financial results versus analysts’ estimates

Dell said that its net income in the third quarter printed at £659.62 million that translates to 81 pence per share. In the same quarter last year, its net income was capped at a much lower £413.29 million, or 49.42 pence per share.

On an adjusted basis, the technology company earned £1.52 per share versus the year-ago figure of £1.31 per share. In an announcement earlier this week, Dell Technologies expressed plans of exploring the role of artificial intelligence and machine learning in healthcare and several other industries.

The American multinational said that its adjusted revenue came in at £17.61 billion in the recent quarter. In comparison, it had posted a lower £17.17 billion of revenue in Q3 of last year. In the prior quarter (Q2), Dell Technologies had registered an 18% annualised growth in consumer sales, as per the report published in August.

According to FactSet, experts had forecast the company to record £16.38 billion of revenue in the third quarter. Their estimate for per-share earnings in Q3 stood at £1.06.

Vice-Chairman Jeff Clarke’s comments on Tuesday

Vice-Chairman Jeff Clarke commented on the financial results on Tuesday and said:

“We met unprecedented demand for remote work and learn solutions this quarter while increasing revenue to £17.59 billion. At the same time, we accelerated our as-a-Service strategy and hybrid cloud capabilities at the edge – positioning us to win in these growing markets and making it easy for customers to manage data and workloads across all their operations.”

Dell Technologies performed fairly upbeat in the stock market last year with an annual gain of close to 15%. At the time of writing, the Round Rock-based company has a market cap of £39.32 billion and a price to earnings ratio of 25.36.