Dell's sales swell in quarter
cbs.marketwatch.com
By Janet Haney, CBS MarketWatch
Last Update: 4:23 PM ET May 11, 2000 Hardware Stocks
Silicon Stocks
ROUND ROCK, Texas (CBS.MW)- Dell Computer, the world's No. 1 direct vendor of computers, reported a 31 percent surge in its first-quarter sales Thursday, as it easily beat Wall Street's estimates.
Dell (DELL: news, msgs) reported net income of $525 million, or 19 cents a share, that's three cents above the prediction from analysts polled by First Call.
In the year-ago first quarter, the company's net income reached $434 million, or 16 cents a share.
Sales for the period hit $7.3 billion, compared with $5.5 billion in the year-earlier quarter.
The Round Rock, Texas, company's stock is off 26 percent from its all-time high of 59 11/16, set in March. Its shares traded down 1/4 to 44 11/16. Join the Dell discussion.
"The fundamental competitive advantages of our customer-focused direct business model are widening," said Michael Dell, chief executive officer, in a statement. "That's particularly true in the server and storage products at the heart of the Internet infrastructure."
In the fourth quarter, Dell said it earned $436 million, or 16 cents a share, including a penny-per-share one-time gain, for its fourth quarter. Sales for that period totaled $6.8 billion. See full story.
Janet Haney is an online reporter for CBS MarketWatch.
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