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Dell Technology Group reports quarter-on-quarter growth in revenue from its AI drive server and network business in the third quarter of fiscal 2024

2024-04-23 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Dell Technology Group (NYSE: DELL) reported results for the third quarter of fiscal 2024. Revenue in the third quarter was $22.3 billion. The company's operating profit is $1.5 billion, while non-GAAP 's operating profit is $2 billion. Diluted earnings per share were $1.36 per share and $1.88 per share for non-GAAP. Thanks to profitability and strong working capital performance, operating cash flow was $2.2 billion in the third quarter. The company's operating cash flow has totaled $9.9 billion over the past 12 months.

Due to the increase in software and hardware maintenance agreements, Dell Technology Group's remaining performance value at the end of the quarter was $39 billion, recurrent revenue was $5.6 billion, up 4 per cent from a year earlier, and total deferred revenue was $29.1 billion, up 7 per cent from a year earlier. The company has a cash and investment balance of $9.9 billion.

"We have demonstrated our ability to generate strong cash flow through profitability and working capital efficiency, with operating cash flow of $9.9 billion over the past 12 months," said Yvonne McGill, chief financial officer of Dell Technology Group. "our long-term financial framework and capital allocation plan continued to bear fruit, with the company returning $1 billion to shareholders through share buybacks and dividends in the third quarter."

Financial results for the third quarter of fiscal year 2024

Note: unless otherwise stated, this table is compared to the same period last year.

Infrastructure Solutions Group (ISG) had revenue of $8.5 billion in the third quarter. Server and network revenue reached $4.7 billion, driven by artificial intelligence (AI) to optimize servers. Revenue from the storage business is $3.8 billion, with strong demand for unstructured data solutions and data protection. Operating profit is $1.1 billion.

Client Solutions Group (CSG) had revenue of $12.3 billion in the third quarter. Revenue from the commercial customer business was $9.8 billion and that from the consumer business was $2.4 billion. Operating profit is $925 million.

Jeff Clarke, vice chairman and chief operating officer of Dell Technology Group, said: "Technology is ubiquitous and we will continue to focus on improving market leadership and turning new opportunities into incremental growth. Our server and network business has achieved 9 per cent month-on-month growth driven by customer interest in generative AI. As we enter fiscal year 2025, we expect revenue growth to be driven by business."

Dell continues to expand its broad product portfolio to meet customer performance, cost, and security needs across cloud, local, and edge environments.

The Dell spanning AI solution portfolio extends new local products to simplify the implementation of spanning AI through high-performance IT infrastructure, multi-cloud access, and professional services.

The ObjectScale XF960 is an all-flash scale-out device for generative AI and real-time analysis applications, built on Dell software-defined object storage software that runs on Linux and Red Hat OpenShift on PowerEdge servers.

Dell works with Meta to help customers leverage Dell's generative AI portfolio, including IT infrastructure, client devices, and professional services, to easily deploy the Meta Llama 2 model locally.

Dell works with Hugging Face to help businesses leverage the Hugging Face community to create, fine-tune, and implement their own open source generated AI models on Dell's infrastructure products and services.

Dell APEX Cloud Platform for Microsoft Azure helps customers extend Azure to data center and edge environments, simplifying the hybrid cloud experience.

Dell APEX Cloud Platform for Red Hat OpenShift is the first fully integrated application delivery platform built specifically for Red Hat OpenShift to help customers deploy, manage, and run containers and virtual machines locally.

The Precision 7875 Tower Workstation is Dell's most scalable and powerful AMD processor-based workstation product that allows enterprises to develop locally and fine-tune complex generative AI models before large-scale deployment.

Performance results of each management department

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