Dell Plunges Most in Seven Years After Earnings Miss |
| Bloomberg - Nov 30, 2007 |
Dell Inc. plunged the most in seven years in Nasdaq trading, falling as much as 15 percent after earnings disappointed investors and founder Michael Dell said he would boost spending to expand sales through retailers.
Dell, the world's second-largest personal-computer maker, reported third-quarter profit yesterday of 34 cents a share, missing the 35-cent estimate in a Bloomberg survey of analysts. The retail expansion, acquisitions and job cuts will increase future costs, the company said.
The results broke a two-quarter streak of topping analysts' predictions and signaled that Dell's comeback may take longer than projected. While revenue rose overall, U.S. consumer sales shrank 6 percent after the company lost orders to market leader Hewlett-Packard Co. Dell also said component prices may not be falling as quickly as before, threatening profit growth.
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- Posted: 2007-11-30 10:39:49
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