$DELL Dell Breaks Out First-Quarter Results



- Revenue = $43.8 billion (beat expectations of $34.81 billion by +25.8%) with +88% year-over-year growth (fastest growth since going public 7 years ago)
- Adjusted earnings per share = $4.86 (beat expectations of $2.88 by +68.8%) with +214% year-over-year growth
- Net income = $3.438 billion with +256% year-over-year growth
- Operating income = $3.656 billion with +214% year-over-year growth
- Adjusted operating income = $4.235 billion with +154% year-over-year growth
- AI server revenues = $16.1 billion with +757% year-over-year growth (quarter’s star 👏👏)
- Operating cash flow = $4.1 billion with +46% year-over-year growth (a record for Q1)
- Adjusted free cash flow = $3.165 billion with +42% year-over-year growth

AI indicators:
- AI orders = $24.4 billion in the quarter
- Backlog = $51.3 billion (record level)
- Shareholder returns = $2.1 billion via share buybacks and dividends

Guidance for Q2:
- Revenue = $44.0 - $45.0 billion (beat expectations of $35.4 billion by +25.7%) with +49% year-over-year growth
- Adjusted earnings per share = $4.80 (beat expectations of $3.01 by +59.5%) with +107% year-over-year growth

Full-year guidance (raised):
- Revenue = $165.0 - $169.0 billion (above expectations of $143.9 billion by +16.1%) with +47% year-over-year growth
- Adjusted earnings per share = $17.90 (above expectations of $13.16 by +36%) with +74% year-over-year growth
- AI server revenues = ~ $60 billion (raised from ~ $50 billion) with +144% year-over-year growth

Management Alert: "A shortage of components (DRAM and NAND memory and hard drives) is the biggest constraint on growth in the second half
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