Dell Technologies (NYSE: DELL) reported first-quarter financial results Thursday. The results came early from the company at around 3 p.m. ET after shares of the company were halted with a code of "news pending."
What Happened: Dell reported first-quarter revenue of $20.9 billion, which was down 20% year-over-year. The revenue total beat a Street consensus estimate of $20.27 billion, according to data from Benzinga Pro.
The company reported earnings per share of $1.31, which beat a Street estimate of 86 cents per share.
The company's infrastructure solutions group segment saw revenue of $7.6 billion, which was down 18% year-over-year. Within the segment, storage revenue was $3.8 billion and highlighted as seeing demand growth. Servers and networking revenue was $3.8 billion, with demand seen for AI optimized servers.
The Client Solutions Group had first-quarter revenue of $12 billion, which was down 23% year-over-year. Within the segment, commercial revenue was $9.9 billion and consumer revenue was $2.1 billion.
"We executed well against a challenging economic backdrop," Chief Operating Officer Chuck Whitten said. "We maintained pricing discipline, reduced operating expenses and our supply chain continued to perform well after normalizing ahead of competitors."
The company ended the quarter with $39 billion in remaining performance obligations and had recurring revenue of $5.6 billion.
What's Next: Artificial intelligence was highlighted in the press release, with Project Helix recently announced by the company in collaboration with Nvidia Corporation (NASDAQ: NVDA). Project Helix is said to help customers quickly and securely deploy generative AI at scale with their own proprietary data.
The company will host a conference call to discuss results Thursday at 4:30 p.m. ET.
DELL Price Action: Shares of Dell were halted Thursday at $45.33 versus a 52-week trading range of $32.89 to $51.75. The stock was trading 4.4% higher at $46.78 after resuming trading.