Dell Technologies (NYSE: DELL) reported fourth quarter 2020 adjusted earnings of $2.00 per share. The company reported GAAP revenue of $24 billion and non-GAAP revenue of $24.1 billion. The market had expected Dell to post earnings of $2.02 per share on revenue of $24 billion. DELL stock dropped about 5% during the extended-trading hours.
DELL stock tumbled to a new 52-week low ($42.90) in today’s regular trading session as the tech giant Microsoft (NASDAQ: MSFT) sent a caution to the Wall Street that its PC business might not meet the guidance due to the impact of coronavirus outbreak.
On a GAAP basis, the company’s net income stood at $416 million or $0.54 per share for the quarter ended January 31, 2020. This compares to a loss of $287 million for the fourth quarter ended February 1, 2019.
Client Solutions Group revenue grew 8% year-over-year to $11.8 billion in the recently ended quarter. Dell shipped a record 46.5 million units during the 2019 calendar year. Infrastructure Solutions Group revenue decreased 11% to $8.8 billion.
Dell Technologies also announced a new share repurchase program of up to $1 billion over the next 24 months, effective immediately.
Also Read: Trade Desk (TTD) tops Q4 2019 earnings and revenue targets; guides above view
On February 18, Dell sold its RSA security business to private equity firm Symphony Technology Group for $2.075 billion. This transaction is expected to close in the next six to nine months.
Dell’s subsidiary VMware (NYSE: VMW) also reported its Q4 results today. VMware posted adjusted earnings of $2.05 per share on revenue of $3.07 billion. VMW stock was down about 5% in the extended trading hours.
Shares of Dell have retreated 18% in the last five trading days and 9% in the past 30 days.
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