Dell to report earnings five days early, on May 16
SAN FRANCISCO (Reuters) - Dell Inc DELL.O, mired in a battle between activist investor Carl Icahn and co-founder Michael Dell over its future, said it will report quarterly results on Thursday, May 16, five days ahead of schedule.
Dell, in a statement on Tuesday, did not give a reason for the change in plans. But CNBC's David Faber said the computer maker decided to get its results out sooner because it missed Wall Street estimates and it wanted to inform the market as quickly as possible.
The computer maker is expected to report revenue of "roughly" $14 billion, and earnings - excluding some expenses - of 20 cents a share for its fiscal first quarter, the Wall Street Journal said, citing a person briefed on the results.
Dell expects to report operating income of about $600 million, the journal added, citing the person.
A Dell spokesman declined to comment, reiterating that Dell plans to release the results on Thursday.
Dell is expected to report net income of $607.10 million on revenue of $13.5 billion for the fiscal first quarter ended April, according to the average analyst estimate compiled by Thomson Reuters I/B/E/S. On a per share basis analysts are expecting earnings of 35 cents.
Dell has struggled to make up for a declining share of the global PC market and is now trying to transform itself into a provider of enterprise computing services.
Analysts have said Dell's rapidly shrinking business and murky prospects in a declining PC market may make the buyout a more attractive option for investors tired of waiting for a turnaround but many shareholders are unhappy with Michael Dell's proposal to offer $13.65 a share to acquire the company.
Icahn and Southeastern Asset Management, two of Dell's largest shareholders, are trying to stop Michael Dell from buying it out for $24.4 billion, a value they argue undervalues the world's No. 3 PC maker.
The company was previously scheduled to report its quarterly results on May 21.