Dell: Fiscal 2Q24 Financial Results

Revenue for storage only

(in $ million)	2Q23	2Q24	Growth	6 months 23	6 months 24	Growth
Revenue	4,327	4,187	*-3%*	*8,564*	*7,943*	*-7%*

Dell Technologies, Inc. announces financial results for its fiscal 2024 second quarter.

Total revenue was $22.9 billion, down 13% Y/Y and up 10% Q/Q.

Storage revenue was $4.2 billion, down 3% Y/Y and up 11% Q/Q, with continued demand growth in PowerStore midrange storage array, and PowerFlex proprietary SDS. PowerFlex has now grown 8 consecutive quarters with 2FQ24 demand more than doubling Y/Y.

Here are the most recent financial results for storage of 7 big companies:

Company	Quarter	Revenue	Revenue one year ago	*Y/Y growth*
Box	2FQ24	261.4	246.0	6%
Broadcom	3FQ23	8,876	8,464	5%
Dell	2FQ24	4,187	4,327	*-3%*
HPE	3FQ23	1,074	1,129	*-5%*
NetApp	1FQ24	1,432	1,592	*-10%*
Nutanix	4FQ23	494.2	385.5	*28%*
Pure Storage	2FQ24	688.7	646.8	6%
TOTAL		15,569	15,512	3%

For this representative sample, Y/Y growth is only 3%, meaning global storage revenue for the industry is relatively flat.

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%
FY20	16,767	-0%
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%
2FQ24	4,187	-3%

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

Earnings call transcript