Why Dell Technologies Stock Crashed 11% Today
Dell Technologies (NYSE: DELL) stock tumbled 11% through 10:05 a.m. ET Wednesday after the company reported mixed earnings last night.
Heading into the report, analysts forecast Dell would earn $2.06 per share in Q3. Dell beat that number, reporting pro forma profits of $2.15. However, the company's quarterly revenue fell short of expectations at $24.4 billion, versus Wall Street's expected $24.7 billion.
Sales still grew 10% year over year, however, led by the company's infrastructure solutions group (server farms), which showed tremendous 34% sales growth. Client solutions, however (PCs and similar devices), suffered a 1% decline in sales.
Source Fool.com
