PC maker Dell Inc. said Thursday that its fiscal third-quarter profit fell 5% as businesses around the world bought fewer computers and other technology products.
Dell's earnings declined to $727 million in the quarter ended Oct. 31 from $766 million a year earlier. But Dell bought back a significant number of shares over the last year, pushing earnings per share up 9% to 37 cents. That was 6 cents better than analysts were expecting, according to a Thomson Reuters poll.
Sales slipped 3% to about $15 billion, shy of analyst expectations for $16.2 billion, dragged down by slower spending by corporations. In the Americas, Dell's largest region for sales to businesses, revenue dropped 8%.
Shares of the Round Rock, Texas, company jumped to $10.39 in extended trading after falling 54 cents, or 5%, to $9.81 before the earnings report was released.