Market Overview - U.S. markets closed higher, with the Nasdaq up 0.67% to 23,025.59, S&P 500 advancing 0.9% to 6,765.88, and Dow Jones Industrial Average climbing 1.43% to 47,112.45 [1] Dell Technologies - Dell reported third-quarter revenue of $27.01 billion, slightly below estimates, while adjusted earnings rose to $2.59 per share, beating expectations [2] - Revenue grew 11% year-over-year, driven by a 37% increase in servers and networking to $10.1 billion, while storage and consumer segments declined [2] - The company highlighted record AI server orders of $12.3 billion for the quarter and raised its fourth-quarter revenue outlook to up to $32 billion, with full-year revenue projected at $111.2–$112.2 billion [3] Kohl's - Kohl's appointed interim chief Michael Bender as permanent CEO, marking its third leadership change in three years [4] - The company reported third-quarter net sales of $3.4 billion, down 2.8% year-over-year, with comparable sales falling 1.7% and EPS at $0.07 [5] - Kohl's raised its full-year outlook, noting a stronger cash flow of $124 million and a 5% reduction in inventory [5] Zscaler - Zscaler's stock rose 3.35% to $289.73, but dipped 7.99% to $267 in after-hours trading [6] - The company beat first-quarter expectations with revenue of $788.1 million and EPS of 96 cents, while deferred revenue rose 32% to $2.35 billion [6] Workday - Workday's stock increased by 3.11% to $233.69, but slipped nearly 6.2% to $219.25 in after-hours trading [7] - The company beat third-quarter estimates with revenue of $2.43 billion and EPS of $2.32, supported by strong demand in its subscription business [8] - Subscription revenue rose 14.6% to $2.24 billion, and the 12-month backlog grew 17.6% to $8.21 billion [8] Autodesk - Autodesk shares climbed 1.58% to $294.43, jumping 6.14% to $312.50 in extended trading [9] - The company reported third-quarter revenue up 18% to $1.85 billion and adjusted EPS rising to $2.67, both ahead of expectations [9] - Autodesk lifted full-year earnings guidance to $10.18–$10.25 per share and projected fourth-quarter revenue of up to $1.92 billion [10]

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公司预计AI服务器发货额将达到258亿美元。该预期超出了分析师普遍预期的208.2亿美元，也高于戴尔 自身此前设定的200亿美元的AI服务器发货目标。 戴尔将全年营收目标上调至1112亿—1122亿美元，高于此前预期的1050亿—1090亿美元。 ...

Market Overview - Market indices began flat but rose due to expectations of easing Fed funds rates, with Kevin Hassett being a frontrunner for Fed Chair [1] - The Dow increased by 664 points (+1.43%), while the Russell 2000 saw a gain of +2.14%, S&P 500 rose +0.91%, and Nasdaq increased +0.67% [2] Housing Market Data - Case-Shiller Home Prices for September rose by +1.3%, following a revised +1.4% the previous month, marking the fourth consecutive month where home prices lagged behind inflation [3][4] - Pending Home Sales increased by +1.9% month over month in October, up from a revised +0.10% the prior month, although still down -0.40% year over year [5] Economic Indicators - Consumer Confidence index dropped significantly to 88.7 from 95.5, the lowest since April [6] - Business Inventories for August remained unchanged at 0.0%, marking the third consecutive month without change [7] Earnings Reports - Urban Outfitters (URBN) reported earnings of $1.28 per share, exceeding expectations of $1.19, with revenues of $1.53 billion [9] - Dell Technologies (DELL) reported Q3 earnings of $2.59 per share, beating estimates, but revenues of $27.01 billion fell short of expectations [10] - Hewlett Packard (HPQ) shares fell -5% due to a revenue miss, reporting earnings of 93 cents per share against expectations, with sales of $14.64 billion below projections [11]

Core Insights - Dell Technologies reported $27.01 billion in revenue for the quarter ended October 2025, marking a year-over-year increase of 10.8% and an EPS of $2.59 compared to $2.15 a year ago, although it fell short of the Zacks Consensus Estimate of $27.27 billion by -0.98% [1] - The company achieved an EPS surprise of +4.44%, with the consensus EPS estimate being $2.48 [1] Financial Performance - Infrastructure Solutions Group net revenue was $14.11 billion, exceeding the average estimate of $13.88 billion, representing a year-over-year change of +24.1% [4] - Client Solutions Group net revenue was $12.48 billion, slightly below the estimated $12.65 billion, with a year-over-year increase of +2.9% [4] - Infrastructure Solutions Group - Storage reported net revenue of $3.98 billion, slightly above the estimate of $3.93 billion, showing a year-over-year decrease of -0.6% [4] - Client Solutions Group - Consumer net revenue was $1.86 billion, surpassing the estimate of $1.83 billion, but reflecting a year-over-year decline of -6.8% [4] - Infrastructure Solutions Group - Servers and Networking achieved net revenue of $10.13 billion, slightly below the estimate of $10.21 billion, with a significant year-over-year increase of +37.5% [4] - Corporate and Other net revenue was $420 million, in line with the estimate of $417.89 million [4] - Client Solutions Group - Commercial net revenue was $10.62 billion, below the estimate of $10.89 billion, with a year-over-year increase of +4.8% [4] - Products net revenue was $21.26 billion, slightly below the estimate of $21.29 billion, reflecting a year-over-year increase of +16.2% [4] - Services net revenue was $5.75 billion, exceeding the estimate of $5.53 billion, but showing a year-over-year decline of -5.4% [4] Operating Income - Client Solutions Group operating income was $748 million, below the average estimate of $825.93 million [4] - Infrastructure Solutions Group operating income was $1.74 billion, exceeding the average estimate of $1.66 billion [4] Stock Performance - Dell Technologies shares have returned -21.6% over the past month, compared to the Zacks S&P 500 composite's -1.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Dell Technologies reported a revenue of $27 billion for Q3 of fiscal year 2026, marking an 11% year-over-year increase. Diluted earnings per share reached $2.28, up 39%, while non-GAAP diluted earnings per share hit a record $2.59, growing 17% [1][2]. Financial Performance - The Infrastructure Solutions Group (ISG) generated $14.1 billion in revenue for Q3, a 24% increase year-over-year. Server and networking revenue reached a record $10.1 billion, growing 37%, while storage revenue was $4 billion, down 1%. Operating profit for ISG was $1.7 billion, up 16% [1]. - The Client Solutions Group (CSG) reported revenue of $12.5 billion for the quarter, a 3% increase year-over-year. Commercial customer revenue was $10.6 billion, up 5%, while consumer revenue was $1.9 billion, down 7%. Operating profit for CSG remained flat at $748 million compared to the same period last year [1]. Strategic Developments - Dell's COO Jeff Clarke highlighted the rapid growth in artificial intelligence (AI), with AI server orders reaching a new high of $12.3 billion in Q3. Year-to-date, AI server orders have totaled an unprecedented $30 billion. The company has a backlog of $18.4 billion in orders, significantly exceeding future order reserves [2].

| | | | Three Months Ended | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | October 31, | | November 1, | | | October | | | | 2025 | | 2024 | Change | | 202 | | | | | | | (in millions, except per share amounts and percen | | | | Net revenue | S | 27,005 | S | 24,366 | 11% | S | | | Operating income | Ş | 2,119 | S | 1,721 | 23% | S | | | Net income | $ | 1,548 | S | 1,170 | 32% | S | | | Change in cash from operating activities | S | 1,172 | ટે | 1,553 | (25)% | S | | | Earnings per share - ...

Group 1 - Dell Technologies reported quarterly earnings of $2.59 per share, exceeding the Zacks Consensus Estimate of $2.48 per share, and up from $2.15 per share a year ago, representing an earnings surprise of +4.44% [1] - The company posted revenues of $27.01 billion for the quarter ended October 2025, which missed the Zacks Consensus Estimate by 0.98%, compared to $24.37 billion in the same quarter last year [2] - Over the last four quarters, Dell Technologies has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Group 2 - The stock has gained approximately 10.4% since the beginning of the year, while the S&P 500 has increased by 14% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is $3.13 on revenues of $27.86 billion, and for the current fiscal year, it is $9.55 on revenues of $108.59 billion [7] Group 3 - The Zacks Industry Rank places the Computer - Micro Computers sector in the bottom 31% of over 250 Zacks industries, indicating potential underperformance compared to the top 50% of ranked industries [8] - The estimate revisions trend for Dell Technologies was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market [6]

【环球网财经综合报道】2025 年 11 月 25 日，戴尔科技集团（纽约证券交易所代码：DELL）公布了 2026 财年第三财季业绩报告，以及2026 财年第四财季及全年的业绩指引。公司同时正式任命David Kennedy为首席财务官。 2026 财年第三财季业绩摘要： 第三财季营收达270亿美元，创历史新高，同比增长11% 客户端解决方案集团（ CSG ）业务板块表现如下： 第三财季每股摊薄收益为2.28美元，同比增长39%；non-GAAP 每股摊薄收益达创纪录的2.59美元，增 长17% 第三财季运营现金流为12亿美元 戴尔科技集团首席财务官 David Kennedy 表示："在第三财季，我们实现了270亿美元创纪录的营收和创 纪录的盈利能力，同时拥有强劲的现金流，资本回报超越增长趋势线均值，达16亿美元。2026财年将再 创新高，同时我们将 AI出货指引上调至约 250亿美元，同比增长超过 150%；将营收指引上调至 1,117 亿美元，增长 17%。" 戴尔科技集团副董事长兼首席运营官 Jeff Clarke 表示："下半年人工智能（AI）发展势头迅猛，推动AI 服务器订单额创下123亿美元新 ...

Market Overview - The Dow Jones Industrial Average is up 1.43%, with a 3% increase over the last three trading days, while the NASDAQ has risen approximately 4.3% in the same period [1][2] - The Russell 2000, representing small-cap stocks, has surged 7% since last Friday, indicating strong performance in this segment [2] - Health care has been a leading sector in the fourth quarter, with the XLV ETF up 2.25% today, while consumer discretionary (XLY) also saw gains of over 2% [3] Sector Performance - Seven sectors, including materials, consumer staples, industrials, financials, and communication services, are outperforming the S&P 500, with only energy and utilities showing losses [3] - The technology sector had mixed results, with Nvidia down 2.5% and AMD experiencing a larger loss of 4%, while companies like Applied Materials and Analog Devices saw gains of about 5% [4][5] Company Earnings and Projections - Dell reported Q3 adjusted EPS of $2.59, exceeding estimates of $2.47, with total net revenue of $27.01 billion, slightly below the expected $27.19 billion [26] - Dell raised its full-year revenue outlook to between $111.2 billion and $112.2 billion, driven by strong demand for AI servers [27] - HP, Inc. reported a profit outlook for the current year that misses estimates, projecting earnings of $2.90 to $3.20 per share, while also announcing job cuts of 4,000 to 6,000 by 2028 [52][54] AI and Technology Trends - The AI server market is a significant focus for Dell, with expectations of increased shipments and backlogs, as well as improved operating margins in their infrastructure unit [28][32] - The demand for AI-driven products is causing memory chip prices to rise, with expectations of a 30% increase in Q4 and an additional 20% next year [55] - HP's AIPCs (AI PCs) are gaining traction, with over 30% of their mix in Q4, surpassing the initial target of 25%, highlighting the growing adoption of AI technology in enterprise settings [64][66]