{"id":55601,"date":"2023-09-01T04:42:17","date_gmt":"2023-09-01T08:42:17","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/dell-raises-full-year-forecasts-on-ai-strength-demand-recovery\/"},"modified":"2023-09-01T04:42:20","modified_gmt":"2023-09-01T08:42:20","slug":"dell-raises-full-year-forecasts-on-ai-strength-demand-recovery","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55601","title":{"rendered":"Dell raises full-year forecasts on AI strength, demand recovery"},"content":{"rendered":"
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\u00a9 Reuters. The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS\/Brendan McDermid<\/span>
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By Zaheer Kachwala<\/p>\n

(Reuters) – Dell Technologies (NYSE:) raised its full-year forecast for revenue and profit on Thursday, as it benefited from the artificial intelligence (AI) boom and stabilizing demand for computer hardware and server products after a months-long slump. <\/p>\n

Shares of the Round Rock, Texas-based company rose 8% in extended trading.<\/p>\n

The results are the latest sign that a downturn in tech spending could be drawing to a close after major networking equipment provider Cisco (NASDAQ:) also beat quarterly revenue estimates.<\/p>\n

The company is expected to see a demand boost for its PowerEdge servers and generative AI designs with Nvidia (NASDAQ:) from rising investments in artificial intelligence by Big Tech companies.<\/p>\n

“AI is already showing it’s a long-term tailwind, with continued demand growth across our portfolio,” Chief Operating Officer Jeff Clarke said.<\/p>\n

The company forecast third-quarter revenue between $22.5 billion and $23.5 billion beating analysts’ estimates of $21.67 billion, according to Refinitiv data. Dell expects earnings per share of $1.45, plus or minus 10 cents compared with estimates of $1.38.<\/p>\n

For the full year, Dell now expects revenue between $89.5 billion and $91.5 billion, and earnings per share of $6.30, plus or minus 20 cents.<\/p>\n

Dell reported second quarter revenue and EPS above analyst estimates.<\/p>\n

Servers and networking revenue for the second quarter came in at $4.27 billion, up 11% from the first quarter, driven by higher demand for AI-optimized servers, Dell said.<\/p>\n

Revenue at the company’s client solutions group (CSG) – home to its consumer and enterprise PC business – rose 8% from the first quarter to $12.94 billion.<\/p>\n

Gartner <\/span><\/span> (NYSE:) analyst Mikako Kitagawa said Dell keeping 7.5% of operating profits vs revenue (CSG) is impressive in this challenging market environment illustrating the company’s “profitability first approach.”<\/p>\n

The results are in sharp contrast with rival HP Inc (NYSE:) which cut its annual forecast due to a slump in PC demand and weakness in China. <\/p>\n

(This story has been refiled to say \u2018contrast,\u2019 not \u2018contract,\u2019 in paragraph 12) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS\/Brendan McDermid By Zaheer Kachwala (Reuters) – Dell Technologies (NYSE:) raised its full-year forecast for revenue and profit on Thursday, as it benefited from the […]<\/p>\n","protected":false},"author":1,"featured_media":1465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-55601","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nDell raises full-year forecasts on AI strength, demand recovery | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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