Sporkman
August 16th, 2007, 09:59 PM
http://www.cnbc.com/id/20302708
Dell to Restate Four Years of Results as Audit Ends
By Reuters | 16 Aug 2007 | 04:50 PM ET
Dell said after U.S. markets closed Thursday that it would restate four years of financial results, reducing net income for the period by as much as $150 million and revenue by 1 percent or less per year, after the former leading PC maker completed a lengthy audit of its accounting.
The investigation's conclusion marks a turning point in a review of the company's finances that earlier had weighed on Dell's stock and had raised questions about the reliability of its financial reporting.
It comes as Dell is revamping its consumer unit and cutting 10 percent of its work force to focus on its fastest-growing and most-profitable businesses.
Dell to Restate Four Years of Results as Audit Ends
By Reuters | 16 Aug 2007 | 04:50 PM ET
Dell said after U.S. markets closed Thursday that it would restate four years of financial results, reducing net income for the period by as much as $150 million and revenue by 1 percent or less per year, after the former leading PC maker completed a lengthy audit of its accounting.
The investigation's conclusion marks a turning point in a review of the company's finances that earlier had weighed on Dell's stock and had raised questions about the reliability of its financial reporting.
It comes as Dell is revamping its consumer unit and cutting 10 percent of its work force to focus on its fastest-growing and most-profitable businesses.