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Saudi Arabia Participates in Global Forum on Technology in Paris

The Kingdom’s participation at the forum aimed at exchanging expertise and views on the developments in the IT sector.
The Kingdom’s participation at the forum aimed at exchanging expertise and views on the developments in the IT sector.
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Saudi Arabia Participates in Global Forum on Technology in Paris

The Kingdom’s participation at the forum aimed at exchanging expertise and views on the developments in the IT sector.
The Kingdom’s participation at the forum aimed at exchanging expertise and views on the developments in the IT sector.

Saudi Arabia has participated in the Global Forum on Technology held by the Organization for Economic Cooperation and Development (OECD) in Paris.

The Kingdom’s participation at the forum, represented by the Ministry of Communications and Information Technology (MCIT), aimed at exchanging expertise and views on the developments in the IT sector at the national and global levels.

Participating in a panel session titled “digital technology gap,” Daniah Orkoubi, the Undersecretary of MCIT for Technological Foresight & Digital Economy, reviewed the procedures the Kingdom has taken to lay the foundations of an efficient digital infrastructure under the targets of the Saudi Vision 2030.

She also reviewed the Kingdom's programs to empower Saudi women and support digital talents.

Orkoub pointed out that the Kingdom also has the largest number of digital talents in the region, with 340,000 male and female workers in the communications and IT sector.

She highlighted the Kingdom’s efforts to bridge the digital gap through several initiatives, chiefly the Non-Terrestrial Networks (NTN) Program, in a way that contributes to achieving inclusiveness and prosperity of human communities.

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Dell Forecasts Downbeat Fourth-Quarter Revenue on PC Weakness

The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)
The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)
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Dell Forecasts Downbeat Fourth-Quarter Revenue on PC Weakness

The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)
The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)

Dell forecast fourth-quarter revenue below Wall Street expectations on Tuesday, weighed down by weaker demand for its traditional PCs and competition from rival server makers, sending its shares down more than 10% in extended trading.

Despite booming demand for the company's AI-optimized servers used to handle large artificial intelligence workloads, Dell's PC segment has been grappling with stiff competition from rivals and weak consumer spending amid an uncertain economy.

Enterprise customers are being mindful of their PC and IT spending in the short term, Dell executives said on a post-earnings conference call, adding that the company's consumer business was weaker than expected.

Dell forecast fourth-quarter revenue between $24 billion and $25 billion. The average analyst estimate is $25.57 billion, according to data compiled by LSEG.

"The entire PC market is in a transition period and moving towards on-device AI functionality which still isn't that defined and is expected to solidify in 2025," Gadjo Sevilla, senior analyst for AI and Tech at Emarketer, said.

Revenue from Dell's client solutions group, which houses its PC business, came in at $12.13 billion, below expectations of $12.43 billion.

Rival PC maker HP also provided a weak first-quarter profit forecast, while electronics retailer Best Buy trimmed its annual forecasts against the backdrop of weak consumer electronics demand.

Investors are also keenly eyeing Dell's costs after the company flagged in May that higher expenses to build AI-heavy servers and competitive pricing would hurt its margins.

"Interest in our portfolio is at an all-time high, driving record AI server orders demand of $3.6 billion in Q3 and a pipeline that grew more than 50%," Dell's Chief Operating Officer Jeff Clarke said on Tuesday.

Revenue from the company's infrastructure solutions group unit, which houses its AI servers business, rose 34% to $11.37 billion and beat estimates.

Dell reported revenue of $24.37 billion in the third quarter, missing estimates of $24.67 billion.