05:20 AM EDT, 05/31/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Dell Technologies ( DELL ) shares were down 14% in premarket activity Friday after the company reported overnight a steeper-than-anticipated decline in fiscal Q1 earnings.

The company reported fiscal Q1 non-GAAP earnings late Thursday of $1.27 per diluted share, down from $1.31 a year earlier.

Analysts polled by Capital IQ expected $1.29.

Net revenue in the quarter ended May 3 rose to $22.2 billion from $20.9 billion a year earlier.

Analysts surveyed by Capital IQ expected $21.7 billion.

Price: 146.26, Change: -23.66, Percent Change: -13.92