Dell Technologies Shares Slide As Q2 Results Lag Revenue Estimates - Dell Technologies (NYSE:DELL)

Dell Technologies Inc DELL reported second-quarter FY23 revenue growth of 9% year-over-year to $26.4 billion, with growth across client and infrastructure business units and missing the consensus of $26.55 billion.
Recurring revenue for Q2 was ~$5.2 billion, up 8% Y/Y.
Infrastructure Solutions' revenue was $9.5 billion (+12% Y/Y), with Storage revenue of $4.3 (+6% Y/Y) and Servers and networking revenue of $5.2 (+16% Y/Y).
Client Solutions Group revenue increased by 9% Y/Y to $15.5 billion.
Adjusted EPS improved by 14% Y/Y to $1.68, beating the consensus of $1.64.
The gross margin contracted by 200 bps to 20.6%. The adjusted gross margin was 21.4%, down by 200 bps.
The operating income improved to $1.27 billion (+25% Y/Y), and the margin expanded by 60 bps to 4.8%. The adjusted operating margin was 7.4%, down by 30 bps.
Dell Technologies ended the quarter with remaining performance obligations of $41 billion, up 2% Y/Y, deferred revenue of $28 billion, and cash and investments of $7.1 billion.
Price Action: DELL shares are trading lower by 8.52% at $43.82 during the post-market session on Thursday.