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Friday, May 30, 2008

Dell 1Q:2009 Results

Despite domestic headwinds, Dell managed to beat revenues by 300mm and put up a better EPS number, even after backing out the numerous non-operational gains. International growth was the main driver. Notebooks grew at a blistering 46% y/y in units and mid 20% in dollars against a soft comparable period last year. Currency was the main source of the revenue upside, though, and that's a transitory source of upside -- they don't control it, its random as far as business is concerned unless they're going to go back to trading currency futures like they used to.

I'm a seller of currency beats in general.

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