Dell Technologies recently reported its fourth quarter financial results for the fiscal year 2024, ending on February 2nd. Total revenue amounted to $22.318 billion, a decrease of 11% compared to the same quarter in the previous year, with a net income of $1.158 billion.
Revenue from the Infrastructure group decreased by 6% from the previous year but increased by 10% compared to the previous quarter, reaching $9.332 billion, with $4.857 billion coming from servers and networking equipment, driven mainly by the demand for AI-related products. Meanwhile, revenue from the Consumer group decreased by 12% from the previous year to $11.715 billion.
Jeff Clarke, the CEO of Dell Technologies, highlighted the continued growth of AI-customized server products, with orders increasing by up to 40% from the previous quarter and backup nearly doubling. The company is still in the early stages of exploring opportunities in AI and believes that its existing products will support GenAI solutions for customers in terms of performance, price, and security.
Yvonne McGill, the CFO of Dell Technologies, announced an increase in dividend payout to shareholders to $1.78 per share to reflect the company’s confidence in its ability to generate strong cash flows.
TLDR: Dell Technologies reported a decrease in revenue in the fourth quarter of fiscal year 2024, with Infrastructure revenue down by 6% and Consumer revenue down by 12%. The company sees growth opportunities in AI-related products and is increasing dividend payouts to shareholders.
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