Dell credits PC and storage growth in 'record' Q1 results

The computer giant has revealed its financial results for its fiscal 2023 first quarter

Dell saw growth in its Infrastructure and Client Solutions Groups as it announced a first quarter record in its latest trading update.

The computer giant has revealed its financial results for the first three months of its fiscal 2023 year, with revenue up 16 per cent from the previous year to $26.1bn.

The company also generated a record first quarter operating income of $1.6bn, a 57 per cent increase on the year before, and a non-GAAP operating income of $2.1bn, up 21 per cent.

"We followed a record FY22 with a record first quarter FY23," said Jeff Clarke, vice chairman and co-chief operating officer of Dell Technologies.

"We are built to outperform, in a balanced and consistent way across the company, as our customers invest in their digital futures and choose Dell as their trusted partner."

Dell says its Infrastructure Solutions Group delivered record first quarter revenue of $9.3bn, thanks to demand increasing across the company's storage portfolio.

Servers and networking revenue was $5bn, up 22 per cent year-over-year, whilst operating income was $1.1bn.

Meanwhile, Dell's Client Solutions Group delivered a record first quarter revenue of $15.6bn, up 17 per cent year-over-year.

Performance "was driven by continued strength in commercial PCs", Dell said, with consumer revenue also increasing from the previous year.

"Our first quarter - with record Q1 revenue, operating income and diluted EPS - demonstrates the benefits of having a strong, geographically and sector-diverse business covering the edge to the core data centre to the cloud," said Chuck Whitten, co-chief operating officer.

"Plus we are positioned to pursue growth wherever it materialises in the IT market, given the predictability, durability and flexibility in our business."

Tom Sweet, chief financial officer, added the company is "delivering long-term value by executing our strategy" for growth, taking share, generating strong cash flow from operations and executing its capital allocation framework.