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Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2024 first quarter. Revenue was $20.9 billion, down 20%. The company generated operating income of $1.1 billion and non-GAAP operating income of $1.6 billion, down 31% and 25%, respectively. Diluted earnings per share was $0.79, and non-GAAP diluted earnings per share was $1.31, down 42% and 29%, respectively. Cash flow from operations was $1.8 billion.

"We executed well against a challenging economic backdrop," said Chuck Whitten, co-chief operating officer, Dell Technologies. "We maintained pricing discipline, reduced operating expenses, and our supply chain continued to perform well after normalizing ahead of competitors. We announced a record number of innovations, making good on our promise to extend Dell APEX as-a-Service capabilities across our full portfolio and simplifying multicloud and edge computing for our customers."

Dell ended the quarter with remaining performance obligations of $39 billion, recurring revenue of $5.6 billion, up 6%, and deferred revenue of $29.7 billion, up 8%, due to increases in service and software maintenance agreements. Cash and investments were $9.2 billion, and the company returned $527 million to shareholders in the first quarter through share repurchases and dividends.

"We continue to create value for stakeholders, with strong first quarter cash flow from operations of $1.8 billion," said Tom Sweet, chief financial officer, Dell Technologies. "We've returned $5 billion to shareholders over the last six quarters, well ahead of our free cash flow return target, and we continue to invest in innovation that will fuel our growth."

First Quarter Fiscal 2024 Financial Results