Dell announced that Sweet would retire as CFO at the end of the second quarter and would be succeeded by Yvonne McGill.
Dell Technologies Inc (NYSE: DELL) announced its financial results for the fourth quarter and full fiscal year 2023 on March 2. According to the earnings announcement, the US multinational technology company reported revenue of approximately $25 billion for the fourth quarter compared with Wall Street expectations. of $23.51 billion. The company’s revenue for the fourth quarter decreased approximately 11 percent from the fourth quarter of last year.
Despite posting better expected financial results, the company’s guidance fell short of Wall Street’s estimates. As a result, DELL shares fell approximately 2.94 percent during after-hours trading to trade around $38.99. According to market data provided by TradingView, DELL shares have declined approximately 1.78% YTD and 22% in the past year.
Dell Fourth Quarter and Full Year Financial Statements
According to Chuck Whitten, co-chief operating officer of Dell Technologies, the company’s long-term outlook is optimistic as more customers expect support in hybrid, multi-cloud environments.
“In fiscal year 23, we accelerated our innovation agenda, fueled equity earnings and delivered strong profitability in a challenging environment, resulting in record revenue of $102.3 billion, record operating income and record ISG revenue of $38.4 billion,” Whitten noted.
Similarly, the company’s chief financial officer, Tom Sweet, reiterated that Dell met its capital return commitments through disciplined management of its business. Additionally, Dell investors will see a higher annual dividend in the current financial year.
“We returned approximately $3.8 billion of capital to our shareholders in fiscal year 23 and are increasing our annual dividend by 12% in fiscal year 24, reflecting our confidence in our long-term business model and ability to generate and make grow our cash flow over time,” Sweet said. noted.
Notably, Dell announced that Sweet would retire as CFO at the end of the second quarter and would be succeeded by Yvonne McGill. Both people have been with the technology company for more than two decades.
During fiscal year 2023, Dell’s Infrastructure Solutions Group delivered record revenues of $38.4 billion, up 12% from the prior year. The same segment reported revenue of $9.9 billion during the fourth quarter, up 7 percent from a year earlier.
The company’s server and network revenue for the fourth quarter was $4.9 billion, up 5% from the prior year. The storage segment reported revenue of $5 billion, up 10 percent YoY.
The company’s Customer Solutions Group generated revenue of $58.2 billion for the full year, down 5 percent from the prior year.
During fiscal year 23, Dell announced the expansion of its leading server portfolio with new PowerEdge servers. The company also announced the expansion of its technology ecosystem and solutions, including Dell Telecom Infrastructure Blocks for Red Hat.
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