Dell Computer (DELL) - Get Report, the world's No. 1 PC maker, was down 3% after a senior vice president said the company would be "ruthless" in cost-containment, including layoffs.

The company said tough cost controls and aggressive pricing allowed it to take market share from rival

Compaq

(CPQ)

, the former No. 1 among PC makers.

The company reiterated previous guidance emphasizing growing strength in Europe and Asia, and declined to comment on the results of the first quarter, which ends Friday.