Updated from 5:30 p.m. ET to include additional comments from the conference call and updated share price.
ROUND ROCK, Tex. ( TheStreet) -- Dell (DELL) shares plunged after the tech giant missed Wall Street's revenue and earnings estimates in its first-quarter results, citing a "challenging" economic environment.
The no. 2 PC maker brought in revenue of $14.42 billion, compared to $15 billion in the same period last year, and significantly below the average analysts' estimate of $14.91 billion.
|Dell reported its first-quarter results after market close on Tuesday.|
Excluding items, Dell earned 43 cents a share, down from 55 cents a share in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for earnings of 46 cents a share.Dell's stock tanked 12% to $13.29 on volume of more than 4.15 million in extended trading as investors balked at the results. Shares of the Texas-based company closed Tuesday's session up 0.7% at $15.08. "Our first-quarter results were mixed and we fell short of our own expectations," said Brian Gladden, the Dell CFO, during a conference call after market close, citing disappointing sales execution and macro-economic pressures. "There were some market dynamics that created headwinds for us." Gladden pointed, in particular, to weakness in EMEA
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