Core Insights - Dell's Q3 FY26 earnings call highlighted a significant acceleration in AI growth, with record orders of $12.3 billion and a backlog of $18.4 billion [1] - The company expects Q4 revenue to be between $31 billion and $32 billion, with a non-GAAP EPS of $3.50, reflecting a 31% year-over-year increase [1] - For FY26, Dell anticipates total revenue of $111.2 billion to $112.2 billion, representing a 17% growth, and an EPS of $9.92, a 22% increase [1] AI Business Outlook - Dell has strong confidence in its AI business, projecting revenue growth driven by backlog orders and project reserves [2] - The company plans to leverage market expansion, gross margin improvement, cost control, and stock buybacks to enhance EPS growth [2] Financial Performance - Q3 orders reached $12.3 billion, with year-to-date orders totaling $30 billion, both record highs [1] - Q3 shipments amounted to $5.6 billion, with year-to-date shipments at $15.6 billion [1] - The backlog of orders stands at $18.4 billion, indicating robust demand [1] Profitability and Cost Management - AI server profitability improved quarter-over-quarter, with margins recovering to the mid-single digits [6] - The company is focused on managing rising costs through pricing adjustments and operational efficiency [3][7] - ISG's operating margin increased by 350 basis points to 12.4% in Q3, driven by strong storage performance and strict pricing discipline [8] Market Dynamics - The PC market is expected to remain vibrant due to the ongoing transition to Windows 11 and the demand for AI PCs [10] - Dell's traditional server demand has shown double-digit growth, although revenue growth has not fully aligned with demand [10] - The company is optimistic about the potential for significant upgrades in the server market, as approximately 70% of existing devices are outdated [10] Strategic Focus - Dell is shifting towards its proprietary IP storage solutions, which are expected to enhance revenue and improve margins [12] - The company is actively targeting three core areas: open automation in private cloud, AI data platforms, and network resilience solutions [12] - Dell's procurement strategy remains stable, with a focus on ensuring supply chain continuity amid rising component costs [13]

Core Insights - Dell Technologies has raised its annual AI server market forecast, reflecting sustained demand driven by data center growth [1] - The company reported $12.3 billion in AI server orders for Q3, with $5.6 billion in shipments and a backlog of $18.4 billion [1] - Dell increased its full-year shipment forecast from $20 billion to $25 billion [1] - The AI data center construction boom is significantly boosting demand for high-performance AI servers from Dell, Supermicro, and HP [1] Financial Performance - Dell's infrastructure division reported an operating profit margin of 12.4%, exceeding analyst expectations of 11.2% [2] - The overall gross margin for Dell was 21.1%, also above the market average forecast of 20.4% [3] - Following the earnings report, Dell's stock rose approximately 2% in after-hours trading, reaching $125.92, with a year-to-date increase of 9.3% [4] Revenue and Earnings - For the fiscal year ending in January, Dell expects adjusted earnings per share of approximately $9.92 and revenue of about $111.7 billion, up from previous estimates of $9.55 and $107 billion [4] - AI demand accelerated in the second half of the year, leading to a record $30 billion in AI orders year-to-date [5] - Q3 revenue grew 11% year-over-year to $27 billion, slightly below analyst expectations of $27.2 billion [5]

Group 1 - The global demand for data centers is driving up the prices of storage chips, which may increase costs and pressure profits for consumer electronics manufacturers like HP and Dell [1][2] - HP announced plans to cut 4,000 to 6,000 jobs by fiscal year 2028 as part of a strategy to streamline operations and improve productivity, expecting to save $1 billion over three years [1] - HP's AI PC shipments accounted for over 30% of total shipments as of October 31, indicating a strong focus on AI-enabled product development [1] Group 2 - The rising prices of dynamic random-access memory and NAND chips are attributed to intense competition in the server market, driven by large tech companies building AI infrastructure [2] - HP anticipates a more significant impact from rising storage chip prices in the second half of fiscal year 2026, while still having sufficient inventory in the first half [2] - Dell expects AI server revenue to reach $25 billion in fiscal year 2026, up from a previous estimate of $20 billion, with backlog orders for AI servers increasing to $18.4 billion [2] Group 3 - Analysts suggest that companies like Dell may leverage the current market conditions to adjust pricing strategies due to higher customer demand than supply [3]

Earnings Reports - Wall Street anticipates Deere & Co. to report quarterly earnings of $3.85 per share on revenue of $9.85 billion [2] - HP Inc. reported quarterly earnings of 93 cents per share, exceeding the analyst estimate of 92 cents, with revenue of $14.6 billion, surpassing the street estimate of $14.48 billion [2] - Li Auto Inc. is expected to post quarterly earnings of 4 cents per share on revenue of $3.76 billion [2] - Dell Technologies reported mixed financial results but raised its full-year revenue outlook to between $111.2 billion and $112.2 billion, up from a previous range of $105 billion to $109 billion [2] - NetApp Inc. reported better-than-expected second-quarter financial results and raised its FY26 adjusted earnings guidance [2] Stock Performance - HP shares declined by 4.7% to $23.18 in after-hours trading following the earnings report and weak forward guidance [2] - Dell shares gained 3.89% to $130.82 in after-hours trading after raising its full-year outlook [2] - NetApp shares increased by 4.78% to $116.81 in after-hours trading [2] - Li Auto shares surged by 1.31% to $18.56 in after-hours trading [2]

凤凰网科技讯 11月26日，戴尔科技集团（DELL）于美国当地时间周二公布了2026财年第三财季业绩报 告。财报显示，在人工智能浪潮的强劲推动下，戴尔该季度营收达到270亿美元，创下历史新高，同比 增长11%。基于强劲的业绩表现，戴尔宣布上调全财年业绩指引，并正式任命David Kennedy为公司新 任首席财务官。 得益于运营效率的提升和高利润率业务的增长，戴尔盈利能力显著增强。第三财季每股摊薄收益 （GAAP）为2.28美元，同比大增39%；non-GAAP每股摊薄收益为2.59美元，增长17%。公司现金流保 持强劲，单季运营现金流达12亿美元，并通过回购和分红向股东返还了16亿美元资金。 展望未来，戴尔对AI业务的持续增长充满信心。公司将全年AI服务器出货指引上调至约250亿美元，预 计同比增长超过150%；同时将2026财年全年营收指引中间值上调至1117亿美元，预计增幅为17%。对 于即将到来的第四财季，戴尔预计营收将在310亿至320亿美元之间，同比增长约32%。 在本季度的业绩中，人工智能业务的表现尤为抢眼，成为驱动戴尔增长的核心引擎。基础设施解决方案 集团（ISG）营收达到创纪录的141亿美元 ...

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]