Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2024 Financial Results

Infrastructure Solutions Group (ISG) delivered fourth quarter revenue of $9.3 billion, up 10% sequentially and down 6% year over year. Servers and networking revenue was $4.9 billion, with sequential growth driven primarily by AI-optimized servers. Storage revenue was $4.5 billion, up 16% sequentially with demand strength across the portfolio. Operating income was $1.4 billion. Full-year ISG revenue was $33.9 billion, down 12% year over year, and full-year operating income was $4.3 billion, down 15% year over year.

Client Solutions Group (CSG) delivered fourth quarter revenue of $11.7 billion, down 5% sequentially and 12% year over year. Commercial client revenue was $9.6 billion, and Consumer revenue was $2.2 billion. Operating income was $726 million. Full-year CSG revenue was $48.9 billion, down 16% year over year, and full-year operating income was $3.5 billion, down 8% year over year.

"Our strong AI-optimized server momentum continues, with orders increasing nearly 40% sequentially and backlog nearly doubling, exiting our fiscal year at $2.9 billion," said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. "We've just started to touch the AI opportunities ahead of us, and we believe Dell is uniquely positioned with our broad portfolio to help customers build GenAI solutions that meet performance, cost and security requirements."

Dell continues to expand its portfolio to help customers meet their performance, cost and security requirements across clouds, on premises and at the edge:

Operating Segments Results


Three Months Ended




Fiscal Year Ended




February 2,
2024


February 3,
2023


Change


February 2,
2024


February 3,
2023


Change


(in millions, except percentages; unaudited)

Infrastructure Solutions Group (ISG):












Net revenue:












Servers and networking

$     4,857


$    4,940


(2) %


$    17,624


$  20,398


(14) %

Storage

4,475


4,965


(10) %


16,261


17,958


(9) %

Total ISG net revenue

$     9,332


$    9,905


(6) %


$    33,885


$  38,356


(12) %













Operating Income:












ISG operating income

$     1,428


$    1,543


(7) %


$      4,286


$    5,045


(15) %

% of ISG net revenue

15.3 %


15.6 %




12.6 %


13.2 %



% of total reportable segment operating income

66 %


70 %




55 %


57 %















Client Solutions Group (CSG):












Net revenue:












Commercial

$     9,563


$  10,697


(11) %


$    39,814


$  45,556


(13) %

Consumer

2,152


2,664


(19) %


9,102


12,657


(28) %

Total CSG net revenue

$   11,715


$  13,361


(12) %


$    48,916


$  58,213


(16) %













Operating Income:












CSG operating income

$        726


$       671


8 %


$      3,512


$    3,824


(8) %

% of CSG net revenue

6.2 %


5.0 %




7.2 %


6.6 %



% of total reportable segment operating income

34 %


30 %




45 %


43 %




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