Dell: Fiscal 1Q24 Financial Results

Revenue for storage only

(in $ million)	1Q23	1Q24	Growth
Revenue	4,237	3,756	*-11%*

Dell Technologies, Inc. announces financial results for its fiscal 2024 first quarter. Global revenue was $20.9 billion, down 20%.

Infrastructure solutions group delivered 1FQ24 revenue of $7.6 billion, down 18%.

Storage sales were $3.8 billion, down 11% Y/Y and 24% Q/Q, lowest figure since 2 years, and representing 18% of total sales, with demand growth in the company’s SDS and leading mid-range storage array.

In storage, the firm saw continued demand growth in PowerStore, its marquee mid-range offering, and in PowerFlex, its SDS solution. PowerStore has grown for 11 consecutive quarters since its release, and PowerFlex has now grown for 7 consecutive quarters.

While 2FQ24 is seasonally firm’s softest storage quarter, Dell did see customer
decisions extend out and some deal sizes reduced.

Nevetheless, the IT company expects to gain share in 1CQ24 in storage when IDC results come out later this month.

Click to enlarge
CY22 Storage leadership positions vs. nearest competitor

Storage revenue of Dell
(in $ million)

Period	Revenue	Y/Y growth
FY11*	2,295	5%
FY12*	1,943	-15%
FY13*	1,699	-13%
FY14*	1,518	-11%
FY15*	1,437	-5%
FY16*	2,217	54%
FY17**	8,942	303%
FY18	15,254	71%
FY19	16,767	10%
1FQ20	4,022	-1%
2FQ20	4,184	0%
3FQ20	4,184	8%
4FQ20	4,487	-3%
FY20	16,767	-0%
1FQ21	3,758	-7%
2FQ21	4,011	-4%
3FQ21	4,149	-7%
4FQ21	4,409	-2%
FY21	16,091	-4%
1FQ22	3,802	0%
2FQ22	3,970	-1%
3FQ22	3.895	1%
4FQ22	4,499	-0%
FY22	16,465	0%
1FQ23	4,237	9%
2FQ23	4,327	6%
3FQ23	4,429	11%
4FQ23	4,965	10%
FY23	17,958	9%
1FQ24	3,756	-11%

* Without EMC
**without EMC for 1FQ17 and 2FQ17 following acquisition for $63 billion

Earnings call transcript