Due to the outbreak of COVID-19, tech giants such as Dell and VMware on Thursday announced to withdraw their 2021 fiscal guidance. Other companies such as Twitter and Square too are reported to pull back their financial outlook due to the current crisis at hand.
In an 8-K filing with the United States Securities and Exchange Commission (SEC), Dell Technologies Inc. stated that the company is currently focusing on finding more effective solutions to work from home and aims to continue the execution of its global supply chain facility. But given the current situation, Dell is unable to predict the impact on its business operations, financial performance and results of operations for the current fiscal year due to COVID-19. The company has claimed to remain confident in its liquidity position and has decided to provide more information during its fiscal first-quarter earnings call scheduled on May 29.
A month ago, Dell predicted its 2021 fiscal year and claimed to earn revenue between $91.8 billion and $94.8 billion, with non-GAAP earnings between $5.90 a share and $6.60 a share.
On the other hand, VMware has sent a notice to SEC for its withdrawal from the financial guidance due to the increased level of uncertainty in the past months. The company forecast fiscal 2021 revenue of approximately $12.05 billion, with a revenue of roughly $2.73 billion in the first quarter of 2021.