Dell Posts Loss In Q4

(RTTNews) - Tech company Dell Technologies Inc. (DELL), reported a loss in the fourth quarter despite an increase in revenue. The net loss was $29 million or $0.04 loss per share for the fourth quarter, compared to a net income of $695 million or $0.90 earnings per share in the same quarter last year. On an adjusted basis, the earnings were $1.39 billion or $1.72 earnings per share, compared to $1.36 billion or $1.76 earnings per share last year. On average 16 analysts polled by Thomson Reuters estimated the earnings to be $1.95 per share. Dell reported revenue of $27.99 billion in the quarter, 16% higher than $24.15 billion last year. Excluding one-time items, the revenue was $28.00 billion, up from $24.17 billion last year. Analysts estimated Dell to report $27.44 billion in revenue this quarter. The loss was due to a higher cost of revenue as it rose 20% to $22.37 billion, up from $18.63 billion last year. CFO Tom Sweet said, "Last year we achieved a number of milestones that unleashed shareholder value. We generated cash flow of $10.3 billion, achieved investment-grade rating, and spun-off Vmware". The board of directors has also declared a dividend of $0.33 per share, which will be payable on April 29, to the stockholder on record on April 20. The stock is currently trading 7% lower on $52.98 in the after-market hours after the regular trading closed at $55.84.