Trending: Dell Cuts Guidance, Sees Increasing Consumer Caution

10:35 ET -- Dell Technologies Inc. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The company scaled back its financial guidance and sounded a cautious note on consumer demand amid a tough economic environment, echoing other big tech companies including Lenovo Group Ltd., which has seen sales flatten after a two-year pandemic-fueled boom for personal computers. Dell logged 2Q EPS of 68 cents, down from 80 cents last year, while on an adjusted basis EPS was $1.68, toward the top end of the company's projection for up to $1.70. Revenue overall rose 9.2%, to $26.4 billion, but was down 9% for its consumer arm. With a shift in the expected demand environment for the back-half of fiscal-year 2023, Dell now forecasts 3Q revenue of $23.8 billion-$25 billion, below the $26.55 billion FactSet consensus, and flat to up 2% for the fiscal year where it previously anticipated 6% growth. Dell shares are down 8.8% in early trade, for a drop of 22% year-to-date. Dow Jones & Co. owns Factiva. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

August 26, 2022 10:50 ET (14:50 GMT)

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