Dell Technologies (NYSE: DELL) has become the latest tech company to slash jobs. According to a Bloomberg report, the personal computers company will eliminate about 5% of its workforce or around 6,650 jobs as it faces a declining demand for personal computers.
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Many PC companies including Dell, HP (HPE) are facing a steep fall in demand for PCs after a boom during the pandemic era. The Bloomberg report cited IDC data to point out that Dell saw the largest decline in PC shipments of 37% year-on-year in the fourth quarter of 2022.
Analysts remain bullish about DELL stock with a Strong Buy consensus rating based on 10 Buys and two Holds.