Dude, You Posted Your Earnings Three Minutes Early
Dell’s profit fell 23 percent in its second quarter. Its sales fell 22 percent. But the company still beat Wall Street expectations, and that’s what counts these days.
Dell (DELL) earned $472 million, or 24 cents a share, on revenue of $12.76 billion. Analysts surveyed by FactSet Research had expected it to earn 22 cents a share on $12.6 billion in revenue. Dell shares spiked nearly seven percent when the news was released, oddly, at 3:57–three minutes before the close of trading Thursday (click on the image below).
Lousy afternoon for someone in Dell Investor Relations. Anyway….
In a statement, CEO Michael Dell said demand for the company’s products appears to have stabilized and, believe it or not, things are starting to look up.
“If current demand trends continue, we expect revenue for the second half of the year to be stronger than the first half,” Dell said in a statement. “We are expanding our capabilities in enterprise technology and services and investing in our core business to distinguish Dell both with customers and in operating performance.”