Dell Technologies Reports Fiscal Year 2017 Third Quarter Financial Results
Full story: #DellTechnologies (NYSE: DVMT) announced its fiscal 2017 third quarter results, which reflect the impact of the #EMC merger and include 52 days of financial results from EMC and #VMware. Consolidated revenue from continuing operations was $16.2 billion and non-GAAP revenue from continuing operations was $16.8 billion. The company generated an operating loss of $1.5 billion in the quarter, with a non-GAAP operating income of $2 billion. “Overall we had a solid quarter with revenue of $16.2 billion, or $16.8 billion on a non-GAAP basis,” said Tom Sweet, chief financial officer, Dell Technologies Inc. “We remain intensely focused on enabling customers’ digital transformation initiatives. This customer-first focus is also driving our near-term priorities, which include successfully integrating our salesforce and channel partner programs and seizing top-line synergies through cross-selling opportunities.” The company ended the quarter with a cash and investments balance of $15 billion. During the quarter, Dell Technologies paid down $500 million of debt and repurchased $165 million of Class V Common Stock under the repurchase program it announced Sept. 7. Since the completion of the EMC transaction, Dell Technologies has reduced total debt by $5.8 billion and repurchased $324 million of Class V Common Stock under its repurchase program.