US Stock Market News: Why did Dell share price fall 7%? Check out key quarterly earnings

Dell share price

Dell beats profit estimates

  • Dell share price fell after it posted revenue of $26.4 billion, up 9% on year amid growth in client and infra solution business still below analysts estimates.
  • Net income jumped 9% on-year to $1.2 billion and Operating income rose 4% on-year to $2 billion, beating analysts’ estimates.
  • Dell now sees revenue ranging from flat to up 2% noting difficult economic environment and supply chain constraints.

GAP needs new CEO

  • Gap’s revenue fell 8% on-year to $3.86 billion amid inflation and lower demand. Online sales dropped 6%, which represent 34% of sales.
  • Gap is also finding a new CEO after Sonia’s sudden resignation in July.
  • Gap withdrew its financial outlook for the year after $49 million net loss in the June quarter.

Snowflake Quarterly results

  • Snowflake stock gained 23% after its Revenue grew 83% on-year to $497 million beating analysts’ estimates.
  • Product revenue, its key metric also jumped 83% on year amid stronger demand.
  • Snowflake customers jumped to 6,808 as of June quarter, ahead of street estimates.

Peloton Sales drop

  • Peloton stock fell 18% after revenue fell 28% to $678.7 million and net loss widened to $1.24 billion amid lower demand and supply chain issues.
  • Total members declined by 143,000 from the prior quarter to 6.9 million.
  • For next quarter, it sees subscribers staying flat, and revenue between $625-$650 million, below estimates.
  • Why is Dell share price falling?

  • Why did Peloton share price decline?

  • Who is Gap's CEO?