AI业务爆发，戴尔Q2营收创新高！Q3利润指引不明朗

Core Insights - Dell Technologies reported record revenue of $29.8 billion for Q2, a 19% year-over-year increase, significantly exceeding market expectations of $29.17 billion [2][4] - The company achieved an operating income of $1.8 billion, up 27% year-over-year, with adjusted non-GAAP operating income reaching $2.3 billion, a 10% increase [2][4] - Cash flow from operating activities was reported at $2.5 billion, and adjusted earnings per share reached $2.32, marking a 19% increase and surpassing analyst expectations of $2.29 [2][4] Financial Performance - Revenue: Q2 revenue reached a record $29.8 billion, up from $25.03 billion in the same quarter last year, representing a 19% increase [2][3] - Operating Income: Operating income for Q2 was $1.8 billion, a 27% increase from $1.39 billion year-over-year [2][3] - Net Income: Net income rose to $1.2 billion, a 32% increase from $882 million in the previous year [3] - Cash Flow: Operating cash flow increased by 90% to $2.5 billion compared to $1.34 billion in the same quarter last year [3] - Earnings Per Share: Diluted earnings per share increased by 38% to $1.70, with adjusted diluted earnings per share at $2.32, a 19% increase [3] Segment Performance - Infrastructure Solutions Group (ISG): Revenue reached $16.8 billion, a 44% increase year-over-year, with AI server and networking revenue growing 69% to $12.9 billion [5][7] - Client Solutions Group (CSG): Revenue was $12.5 billion, a 1% increase year-over-year, with commercial PC revenue up 2% to $10.8 billion, while consumer revenue declined 7% [6][7] Guidance and Outlook - Annual Guidance: Dell raised its annual revenue forecast from $101 billion to a range of $105 billion to $109 billion, with adjusted earnings per share expected to be $9.55 [8][9] - AI Server Revenue: Projected AI server revenue is now expected to reach $20 billion, up from a previous forecast of $15 billion, driven by strong demand [9] - Q3 Guidance: Q3 revenue is forecasted between $26.5 billion and $27.5 billion, slightly above analyst expectations, but adjusted profit guidance of $2.45 per share is below the expected $2.55 [9]