Dell Technologies has released its financial results for the third quarter of fiscal year 2024, ending on November 3, 2023. The company reported a total revenue of $22.251 billion, which is a 10% decrease compared to the same quarter last year. However, Dell Technologies managed to achieve a net profit of $1.004 billion.
According to Jeff Clarke, the CEO of Dell Technologies, technology is omnipresent, and the company continues to focus on expanding its leadership in all aspects. Clarke also highlighted the search for new opportunities to further increase growth, particularly in the server and networking business, driven by customer demands for Generative AI.
The Infrastructure Solutions business group recorded a revenue of $8.499 billion, experiencing a 12% decline compared to the previous year. However, it only saw a slight decrease compared to the previous quarter. Server and networking sales increased by 9% from the previous quarter, while storage declined by 8%.
For the Client Solutions business, the revenue reached $12.276 billion, reflecting an 11% decrease from the previous year and a 5% decrease from the previous quarter. The revenue from corporate clients amounted to $9.835 billion, while individual customers contributed $2.441 billion.
In summary, Dell Technologies’ financial performance in the third quarter of fiscal year 2024 showed a decrease in overall revenue compared to both the previous year and the previous quarter. Despite this, the company managed to achieve a net profit. The Infrastructure Solutions and Client Solutions business groups witnessed declines in revenue, with slight differences in their respective product categories.
TLDR: Dell Technologies reported a 10% decrease in total revenue but still generated a net profit in Q3 FY2024. Despite revenue declines in the Infrastructure Solutions and Client Solutions businesses, the company remains focused on expanding its leadership and exploring new opportunities in the ever-present world of technology.
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