Dell Technologies Delivers Q1 Fiscal 2023 Financial Results – HPCwire
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Since 1987 – Covering the Fastest Computers in the World and the People Who Run Them
May 27, 2022
ROUND ROCK, Texas, May 27, 2022 — Dell Technologies (NYSE: DELL) announced financial results for its fiscal 2023 first quarter. Revenue was a first quarter record of $26.1 billion, up 16%, with growth across Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG). The company generated record first quarter operating income of $1.6 billion, a 57% increase, and record non-GAAP operating income of $2.1 billion, up 21%. Net income from continuing operations was $1.1 billion, up 62%, and non-GAAP net income was $1.4 billion, up 36%, both driven by growth in operating income and lower interest expense due to reduced debt balances. Diluted earnings per share was $1.37, up 63%, and non-GAAP diluted earnings per share was $1.84, up 36%.
Dell Technologies ended the quarter with remaining performance obligations of $42 billion, up 14% year-over-year, deferred revenue of $27.4 billion, and cash and investments of $8.5 billion. Recurring revenue for the first quarter was approximately $5.3 billion, up 15%.
Information about Dell Technologies’ use of non-GAAP financial information is provided under “Non-GAAP Financial Measures” below. All comparisons in this press release are year-over-year unless otherwise noted.
Operating segments summary
Infrastructure Solutions Group delivered record first quarter revenue of $9.3 billion, up 16%. Storage revenue was $4.2 billion, up 9%, with demand across the company’s broad storage portfolio. Servers and networking revenue was $5 billion, up 22% year-over-year. Operating income was $1.1 billion or approximately 11.7% of Infrastructure Solutions Group revenue.
Key areas of innovation:
Client Solutions Group delivered record first quarter revenue of $15.6 billion, up 17% year-over-year. Performance was driven by continued strength in commercial PCs, with commercial PC revenue of $12 billion, a 22% increase year-over-year. Consumer revenue was $3.6 billion, a 3% increase year-over-year. Operating income was $1.1 billion, or approximately 7.2% of Client Solutions Group revenue.
Key areas of innovation:
Executive Quotes
To read the full release, visit this link.
Source: Dell Technologies
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