Dell announced that Sweet would retire as the chief financial officer at the end of Q2 and be replaced by Yvonne McGill.
Dell Technologies Inc (NYSE: DELL) announced its Q4 and full-year fiscal 2023 financial results on March 2. According to the earnings announcement, the American multinational technology company reported a revenue of approximately $25 billion during the fourth quarter compared to Wall Street expectations of $23.51 billion. The company’s revenue for the fourth quarter declined approximately 11 percent from last year’s fourth quarter.
Despite posting better expected financial results, the company’s guidance fell short of Wall Street’s estimates. As a result, DELL shares dropped approximately 2.94 percent during the after-hours trading market to exchange around $38.99. According to market data provided by TradingView, DELL shares have declined approximately 1.78 percent YTD and 22 percent in the past year.
Dell Financial Q4 and Full-Year Statements
According to Chuck Whitten, co-chief operating officer at Dell Technologies, the company’s long-term prospects are bullish as more customers expect assistance in hybrid work multi-cloud environments.
“In FY23, we accelerated our innovation agenda, drove share gains 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. Moreover, Dell investors will see an increased annual dividend in the current financial year.
“We returned approximately $3.8 billion of capital to our shareholders in FY23 and are increasing our annual dividend by 12% in FY24, reflecting our confidence in our long-term business model and ability to generate and grow our cash flow over time,” Sweet noted.
Notably, Dell announced that Sweet would retire as the chief financial officer at the end of Q2 and be replaced by Yvonne McGill. Both individuals have been with the tech company for over two decades.
During the fiscal year 2023, Dell’s Infrastructure Solutions Group delivered record revenue of $38.4 billion, up 12 percent YoY basis. The same segment reported a revenue of $9.9 billion during the fourth quarter, up 7 percent year-over-year.
The company’s servers and networking revenue for the fourth quarter came in at $4.9 billion, up 5 percent YoY. The storage segment reported a revenue of $5 billion, up 10 percent YoY.
The company’s Client Solutions Group delivered revenue of $58.2 billion for the full year, down 5 percent YoY.
During FY23, 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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