Dell Slumps on Q3 Numbers

Dell Technologies Inc (NASDAQ:DELL) reported upbeat earnings for its third quarter on Tuesday.

Revenue was up 3% to $23.5 billion. The company generated operating income of $1.1 billion, a 35% increase over the same period in the prior year, and non-GAAP operating income of $2.7 billion, up 12%.

Net income was $881 million, non-GAAP net income was $1.7 billion and adjusted EBITDA was $3.2 billion. Net cash from operating activities was $3.0 billion. Diluted earnings per share were $1.08, up 64% and non-GAAP diluted earnings per share were $2.03, up 16%.

To quote Chief Operating Officer Jeff Clarke, "Technology has never been more important, and as the world evolves, so does our business.

"We met unprecedented demand for remote work and learn solutions this quarter while increasing revenue to $23.5 billion. At the same time, we accelerated our as-a-Service strategy and hybrid cloud capabilities at the edge – positioning us to win in these growing markets and making it easy for customers to manage data and workloads across all their operations."

In October, at Dell Technologies World Experience , the company announced the expansion of its as-a-Service capabilities with Project APEX to simplify how customers and partners access technology on-demand – across storage, servers, networking, hyperconverged infrastructure, PCs and broader solutions.

Project APEX will unify the company's as-a-Service and cloud strategies, technology offerings, and go-to-market efforts. Businesses will have a consistent as-a-Service experience wherever they run workloads including on-premises, edge locations and public clouds.

DELL shares dropped $1.72, or 2.5%, to $68.61.