Computer builder Dell saw its quarterly net profit decline by 63 percent year-over-year to $290 million last quarter. The company reported sales of $12.3 billion, a 23 percent drop from the same period a year earlier.
>i>Dell said net profit fell to 290 million dollars, or 15 cents per share, in the first quarter of its fiscal year from 784 million dollars, or 38 cents per share, in the same quarter a year ago.
Wall Street analysts had forecast earnings of 23 cents per share.
Revenue declined 23 percent during the February-April period to 12.3 billion dollars, the Texas-based company said, slightly lower than the 12.7 billion dollars forecast by analysts.
Dell managed to keep expenses in line with expectations despite costs of recent restructuring.
"We're continuing to transform the company on the cost side and delivering strong cash flow," chairman and chief executive Michael Dell said.