Dell Inc. (NASDAQ:DELL) reported a net income of $475 million for the third quarter, or 27 cents a share, after the market close today. The number is down significantly from last year’s $893 million and 49 cents a share. Dell’s adjusted net income is now down to $679 million, or $0.39 EPS. Last year’s adjusted net income was 54 cents per share and $983 million. Thompson Reuters estimates forecasted EPS of $0.40.
Third-quarter revenues were at $13.72 billion, which is down 11 percent from last year’s third quarter revenues of $15.37 billion. It’s also less than analysts were predicting for the quarter, which was $13.9 billion.
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Executives at Dell Inc. (NASDAQ:DELL) expect revenues for the fourth quarter to grow by two to five percent. Dell is adjusting its outlook for the year to adjusted earnings for $1.70 a share or more. Analysts were predicting $1.73 per share in earnings.
Right now shares of Dell Inc. (NASDAQ:DELL) are slipping in after-hours trades. Shares of the stock are down almost 35 percent since the start of 2013. Dell is one of the S&P 500’s worst-performing tech stocks this year.
Industry experts say the biggest challenge Dell Inc. (NASDAQ:DELL) has been facing is trying to diversify its product line because its PC product line has experienced slow growth. PC and laptop sales have both fallen significantly since last year at this time. Dell is now offering additional products like software, business and hardware, although about half of its revenue still comes from sales of PCs.