Dell Technologies Inc. reported worse-than-expected sales after a budding revival in the personal computer market stalled out.
Kurt Reiman, head of fixed income americas of UBS Global Wealth Management, talks about the outlook for the tech sector despite recent losses.
“The PC refresh cycle is pushing into next year,” Dell Chief Financial Officer Yvonne McGill said Tuesday on a call with analysts after the results. HP Chief Executive Officer Enrique Lores said in an interview that the release of Microsoft Corp.’s new edition of Windows software hasn’t fueled PC sales from corporate clients as quickly as in previous releases.
Dell shares fell about 13% in premarket trading on Wednesday after closing at $141.74 in New York. The stock had gained 85% this year through Tuesday’s close. HP shares declined about 10% after closing at $39.10. HP stock had increased 30% this year. The company shipped $2.9 billion in AI-optimized servers in the quarter, executives said. The metric was a step down from the $3.1 billion reported in the preceding period.
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