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May 17, 2008 2:08:54 AM CDT

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Profits Slide as Dell Streamlines  

Posted Feb 29, 08 6:30 AM CST in Technology,  Business    Most Covered

(newser) – Dell posted a 6.5% decline in profits for its fiscal fourth quarter yesterday, citing slowed consumer spending and the cost of restructuring, which included slashing thousands of jobs, the Wall Street Journal reports. The Dell results are likely to cause concern about other tech stocks—especially those that rely on the US consumer market—and doubts about Dell's ambitious turnaround plan.

"The pace of the turnaround is as slow as molasses," an analyst said. "They are showing some progress but it's taking a lot longer than I would have expected." The company, once the biggest PC seller in the world, saw its share price drop following the results.

Sources Wall Street Journal, BusinessWeek

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Profits Slide as Dell Streamlines
A Dell computer is seen on display at the Dell booth at the Consumer Electronics Show in Las Vegas, Jan. 9, 2008. Dell released its quarterly earnings Thursday, Feb. 28, 2008. (AP Photo/Paul Sakuma)   (Associated Press)
Profits Slide as Dell Streamlines
Shoppers examine Dell computers at Best Buy Wednesday, Feb. 27, 2008, in the Atwater Village section of Los Angeles. Dell released its quarterly earnings Thursday, Feb. 28, 2008. (AP Photo/Ric Francis)   (Associated Press)
Profits Slide as Dell Streamlines
Dell CEO Michael Dell speaks at Oracle Open World conference in San Francisco in this Nov. 14, 2007 file photo. AP Photo/Paul Sakuma, file)   (Associated Press)
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computer  • Dell  • job cuts  • tech stocks  • tech sector  • quarterly results  • Michael Dell  • restructuring


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