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Dell stock drops as earnings miss offsets new dividend

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Dell Technologies Inc. shares dropped in the extended session Thursday after the computer maker’s earnings fell short of Wall Street expectations while the company’s board initiated a dividend.

Dell 
DELL,
-1.66%

shares fell more than 7% after hours, following a 1.7% decline in the regular session to close at $55.84.

Dell reported a fourth-quarter loss of $29 million, or 4 cents a share from continuing operations, compared with net income of $695 million, or 90 cents a share, in the year-ago period.

Adjusted earnings, which excludes stock-based compensation expenses and other items, were $1.72 a share, compared with $1.76 a share in the year-ago period. Analysts surveyed by FactSet had forecast earnings of $1.95 a share.

Dell’s revenue rose to $27.99 billion from $26.11 billion in the year-ago quarter, while analysts had forecast revenue of $27.5 billion.

The company also said its board initiated a dividend, starting at 33 cents a share for the quarter, payable on April 29 to shareholders of record as of April 20.

Over the past 12 months, Dell shares are up 35%, compared with a 9.3% rise in the S&P 500 index
SPX,
+1.50%

and a 0.9% decline in the tech-heavy Nasdaq Composite Index 
COMP,
+3.34%
.

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