Dell Q3: AI Server Pipeline up 50% QoQ, Yet PCs Soft

Dell reported a soft Q3, with revenue missing estimates and Client Solutions revenue declining YoY. AI optimized server orders were a bright spot in the quarter with orders rising nearly 13% QoQ to $3.6 billion; however, AI server shipments declined sequentially by 6.5% QoQ. Despite the strength of AI orders and Dell’s AI pipeline, Dell guided Q4 revenue $1 billion below consensus at midpoint due to a delayed PC refresh cycle. The guide for next quarter was $24 billion to $25 billion, or $24.5 billion at the midpoint compared to analyst expectations of $25.6 billion.

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