Dell Technologies Inc., ( DELL) a leading technology company, has announced its financial results for the first quarter of 2023. The company reported a net income of $583 million and generated revenue of $20.9 billion during the quarter. These results reflect the company's performance in a dynamic market as it continues to innovate and provide cutting-edge solutions to its customers.
Dell Technologies Inc. recorded total assets of $84.1 billion as of May 5, 2023, compared to $89.6 billion as of February 3, 2023. The company's current assets decreased from $42.4 billion to $37.4 billion, mainly driven by a decline in cash and cash equivalents and accounts receivable. Additionally, Dell's total liabilities stood at $87 billion, while stockholders' equity amounted to a deficit of $2.9 billion.
In terms of net revenue, Dell Technologies Inc. reported $20.9 billion for the three months ended May 5, 2023. The revenue was generated from product sales, which amounted to $15.0 billion, and services, which contributed $5.9 billion. The cost of net revenue during the same period totaled $15.9 billion, resulting in a gross margin of $5.0 billion. The company's operating income stood at $1.1 billion, after accounting for selling, general, and administrative expenses, as well as research and development costs.
Dell Technologies Inc. achieved a net income of $578 million for the first quarter of 2023. This figure represents the company's profitability during the period. Additionally, the company reported comprehensive income of $711 million, which includes other comprehensive income items such as foreign currency translation adjustments and changes in cash flow hedges. Regarding cash flows, Dell Technologies Inc. generated $1.8 billion from operating activities, driven by factors such as depreciation and amortization, stock-based compensation expense, and changes in assets and liabilities. The company invested $684 million in activities such as purchases of investments and capital expenditures. In terms of financing activities, Dell had a net cash outflow of $2 billion, primarily due to the repayment of debt.
These financial results highlight Dell Technologies Inc.'s ability to navigate the competitive technology landscape and deliver value to its stakeholders. The company remains focused on its mission to drive innovation, provide exceptional customer experiences, and deliver sustainable growth in the ever-evolving technology industry.