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Dell Technologies (NYSE:
DELL) announces financial results for its fiscal 2023 first quarter. Revenue was a first quarter record of $26.1 billion, up 16%, with growth across Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG). The company generated record first quarter operating income of $1.6 billion, a 57% increase, and record non-GAAP operating income of $2.1 billion, up 21%. Net income from continuing operations was $1.1 billion, up 62%, and non-GAAP net income was $1.4 billion, up 36%, both driven by growth in operating income and lower interest expense due to reduced debt balances. Diluted earnings per share was $1.37, up 63%, and non-GAAP diluted earnings per share was $1.84, up 36%.
Dell Technologies ended the quarter with remaining performance obligations of $42 billion, up 14% year-over-year, deferred revenue of $27.4 billion, and cash and investments of $8.5 billion. Recurring revenue for the first quarter was approximately $5.3 billion, up 15%.
First Quarter Fiscal 2023 Financial Results
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| Three Months Ended |
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| April 29, 2022 |
| April 30, 2021 |
| Change | ||
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| (in millions, except per share amounts and percentages; unaudited) | ||||||
Total net revenue | $ | 26,116 |
| $ | 22,590 |
| 16% |
Operating income | $ | 1,550 |
| $ | 987 |
| 57% |
Net income from continuing operations | $ | 1,069 |
| $ | 659 |
| 62% |
Earnings per share - diluted | $ | 1.37 |
| $ | 0.84 |
| 63% |
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Non-GAAP net revenue | $ | 26,116 |
| $ | 22,589 |
| 16% |
Non-GAAP operating income | $ | 2,135 |
| $ | 1,770 |
| 21% |
| Non-GAAP net income | $ | 1,434 |
| $ | 1,055 |
| 36% |
| Non-GAAP earnings per share - diluted | $ | 1.84 |
| $ | 1.35 |
| 36% |
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| Information about Dell Technologies' use of non-GAAP financial information is provided under "Non-GAAP Financial Measures" below. All comparisons in this press release are year-over-year unless otherwise noted. |
