Other Wall Street analysts were less kind. According to David Wong of A.G. Edwards, Dells results look good only because of lowered expectations. While clearly Dells October results were far better than our estimates, our primary concerns of near term market share losses and weak top line growth remain unchanged, he wrote in a research note. We view these results as impressive only in comparison to low expectations and a particularly weak July quarter.
Dan Renouard of R.W. Baird wrote that Dells revenue growth was disappointing and raised its risk profile to
'higher risk given transitioning business model and SEC investigations.
The SEC is formally investigating Dell's revenue recognition practices. Nasdaq notified Dell Sept. 15 that it is out of compliance and can face de-listing because it had not yet filed its most recent earnings.
Dave Raffo, News Editor, Byte and Switch
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