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Dell Technologies Delivers First Quarter Fiscal 2025 Financial Results
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News summary
First quarter revenue of $22.2 billion, up 6% year over yearInfrastructure Solutions Group (ISG) revenue of $9.2 billion, up 22% year over year, with record servers and networking revenue of $5.5 billion, up 42%Client Solutions Group (CSG) revenue of $12.0 billion, flat year over year, with commercial client revenue at $10.2 billion, up 3%Diluted earnings per share of $1.32, up 67% year over year, and non-GAAP diluted earnings per share of $1.27, down 3%
ROUND ROCK, Texas, May 30, 2024 /PRNewswire/ —
Full story
Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2025 first quarter. Revenue was $22.2 billion, up 6% year over year. Operating income was $920 million and non-GAAP operating income was $1.5 billion, down 14% and 8% year over year, respectively. Cash flow from operations was $1.0 billion. Diluted earnings per share was $1.32, and non-GAAP diluted earnings per share was $1.27, up 67% and down 3% year over year, respectively.
Dell returned $1.1 billion to shareholders through share repurchases and dividends and ended the quarter with $7.3 billion in cash and investments.
“We again demonstrated our ability to execute and deliver strong cash flow, with AI continuing to drive new growth,” said Yvonne McGill, chief financial officer, Dell Technologies. “Revenue was up 6% at $22.2 billion, servers and networking revenue was up 42%, and we generated $7.9 billion of cash flow from operations over the last 12 months.”
First Quarter Fiscal 2025 Financial Results
Three Months Ended
May 3, 2024
May 5, 2023
Change
(in millions, except per share amounts
and percentages; unaudited)
Net revenue
$ 22,244
$ 20,922
6 %
Operating income
$ 920
$ 1,069
(14) %
Net income
$ 955
$ 578
65 %
Change in cash from operating activities
$ 1,043
$ 1,777
(41) %
Earnings per share – diluted
$ 1.32
$ 0.79
67 %
Non-GAAP operating income
$ 1,474
$ 1,598
(8) %
Non-GAAP net income
$ 923
$ 963
(4) %
Adjusted free cash flow
$ 623
$ 687
(9) %
Non-GAAP earnings per share – diluted
$ 1.27
$ 1.31
(3) %
Information about Dell Technologies’ use of non-GAAP financial information is provided under “Non-GAAP Financial Measures” below. All comparisons in this press release are year-over-year unless otherwise noted.
Infrastructure Solutions Group (ISG) delivered first quarter revenue of $9.2 billion, up 22% year over year. Servers and networking revenue was a record $5.5 billion, up 42%, with demand strength across AI and traditional servers. Storage revenue was flat at $3.8 billion. Operating income was $736 million.
Client Solutions Group (CSG) delivered first quarter revenue of $12.0 billion, flat year over year. Commercial client revenue was $10.2 billion, up 3% year over year, and Consumer revenue was $1.8 billion, down 15%. Operating income was $732 million.
“No company is better positioned than Dell to bring AI to the enterprise,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “Servers and networking hit record revenue in Q1, with our AI-optimized server orders increasing sequentially to $2.6 billion, shipments up more than 100% to $1.7 billion, and backlog growing more than 30% to $3.8 billion.”
Dell Technologies World
On May 20, Dell expanded the industry’s broadest AI solutions portfolio from desktop to data center to cloud with innovations designed to accelerate AI adoption and innovation:
The Dell AI Factory combines Dell infrastructure, solutions and services optimized for AI workloads with an open ecosystem of partners including NVIDIA, Meta, Microsoft and Hugging Face.The Dell AI Factory with NVIDIA includes the new PowerEdge XE9680L server, which offers direct liquid cooling in a 4U form factor and can support 72 NVIDIA Blackwell GPUs in a single rack – 33% more GPU density per node compared to the XE9680.Dell PowerStore software updates give customers up to a 66% performance boost, native sync replication for file and block and improved multicloud data mobility capabilities.New AI PCs are Copilot+ and powered by Qualcomm Snapdragon® X Elite and Snapdragon® X Plus processors, delivering exceptional battery life and AI performance.
Operating Segments Results
Three Months Ended
May 3, 2024
May 5, 2023
Change
(in millions, except percentages;
unaudited)
Infrastructure Solutions Group (ISG):
Net revenue:
Servers and networking
$ 5,466
$ 3,837
42 %
Storage
3,761
3,756
— %
Total ISG net revenue
$ 9,227
$ 7,593
22 %
Operating Income:
ISG operating income
$ 736
$ 740
(1) %
% of ISG net revenue
8.0 %
9.7 %
% of total reportable segment operating income
50 %
45 %
Client Solutions Group (CSG):
Net revenue:
Commercial
$ 10,154
$ 9,862
3 %
Consumer
1,813
2,121
(15) %
Total CSG net revenue
$ 11,967
$ 11,983
— %
Operating Income:
CSG operating income
$ 732
$ 892
(18) %
% of CSG net revenue
6.1 %
7.4 %
% of total reportable segment operating income
50 %
55 %
Conference call information
As previously announced, the company will hold a conference call to discuss its performance and financial guidance on May 30 at 3:30 p.m. CDT. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information prior to financial guidance may be downloaded from investors.delltechnologies.com. The conference call will be broadcast live over the internet and can be accessed at https://investors.delltechnologies.com/news-events/upcoming-events.
For those unable to listen to the live broadcast, the final remarks and presentation with financial guidance will be available following the broadcast, and an archived version will be available at the same location for one year.
About Dell Technologies
Dell Technologies (NYSE:DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry’s broadest and most innovative technology and services portfolio for the AI era.
Copyright © 2024 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners.
Non-GAAP Financial Measures:
This press release presents information about non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow, and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the attached tables for each of the fiscal periods indicated.
Special Note on Forward-Looking Statements:
Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Dell Technologies’ current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will” and “would,” or similar words or expressions that refer to future events or outcomes.
Dell Technologies’ results or events in future periods could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: adverse global economic conditions and instability in financial markets; competitive pressures; Dell Technologies’ reliance on third-party suppliers for products and components, including reliance on single-source or limited-source suppliers; Dell Technologies’ ability to achieve favorable pricing from its vendors; Dell Technologies’ execution of its strategy; social and ethical issues relating to the use of new and evolving technologies; Dell Technologies’ ability to manage solutions and products and services transitions in an effective manner; Dell Technologies’ ability to deliver high-quality products, software, and services; cyber attacks or other data security incidents; Dell Technologies’ ability to successfully execute on strategic initiatives including acquisitions, divestitures or cost savings measures; Dell Technologies’ foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies’ product, services, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell Technologies’ sales channel partners; access to the capital markets by Dell Technologies or its customers; material impairment of the value of goodwill or intangible assets; adverse economic conditions and the effect of additional regulation on Dell Technologies’ financial services activities; counterparty default risks; the loss by Dell Technologies of any contracts for ISG services and solutions and its ability to perform such contracts at their estimated costs; loss by Dell Technologies of government contracts; Dell Technologies’ ability to develop and protect its proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; disruptions in Dell Technologies’ infrastructure; Dell Technologies’ ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings; expectations relating to environmental, social and governance (ESG) considerations; compliance requirements of changing environmental and safety laws, human rights laws, or other laws; the effect of armed hostilities, terrorism, natural disasters, or public health issues; the effect of global climate change and legal, regulatory, or market measures to address climate change; Dell Technologies’ dependence on the services of Michael Dell and key employees; Dell Technologies’ level of indebtedness; and business and financial factors and legal restrictions affecting continuation of Dell Technologies’ quarterly cash dividend policy and dividend rate.
This list of risks, uncertainties, and other factors is not complete. Dell Technologies discusses some of these matters more fully, as well as certain risk factors that could affect Dell Technologies’ business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Dell Technologies’ annual report on Form 10-K for the fiscal year ended February 2, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Any or all forward-looking statements Dell Technologies makes may turn out to be wrong and can be affected by inaccurate assumptions Dell Technologies might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. Dell Technologies does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.
DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Income and Related Financial Highlights
(in millions, except percentages; unaudited)
Three Months Ended
May 3, 2024
May 5, 2023
Change
Net revenue:
Products
$ 16,127
$ 15,036
7 %
Services
6,117
5,886
4 %
Total net revenue
22,244
20,922
6 %
Cost of net revenue:
Products
13,766
12,375
11 %
Services
3,672
3,529
4 %
Total cost of net revenue
17,438
15,904
10 %
Gross margin
4,806
5,018
(4) %
Operating expenses:
Selling, general, and administrative
3,123
3,261
(4) %
Research and development
763
688
11 %
Total operating expenses
3,886
3,949
(2) %
Operating income
920
1,069
(14) %
Interest and other, net
(373)
(364)
(2) %
Income before income taxes
547
705
(22) %
Income tax expense (benefit)
(408)
127
(421) %
Net income
955
578
65 %
Net income attributable to Dell Technologies Inc.
$ 960
$ 583
65 %
Percentage of Total Net Revenue:
Gross margin
21.6 %
24.0 %
Selling, general, and administrative
14.1 %
15.6 %
Research and development
3.4 %
3.3 %
Operating expenses
17.5 %
18.9 %
Operating income
4.1 %
5.1 %
Income before income taxes
2.5 %
3.4 %
Net income
4.3 %
2.8 %
Income tax rate
(74.6) %
18.0 %
Amounts are based on underlying data and may not visually foot due to rounding.
DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Financial Position
(in millions; unaudited)
May 3, 2024
February 2, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 5,830
$ 7,366
Accounts receivable, net of allowance of $66 and $71
8,563
9,343
Short-term financing receivables, net of allowance of $86 and $79
4,660
4,643
Inventories
4,782
3,622
Other current assets
10,792
10,973
Total current assets
34,627
35,947
Property, plant, and equipment, net
6,237
6,432
Long-term investments
1,293
1,316
Long-term financing receivables, net of allowance of $109 and $91
5,941
5,877
Goodwill
19,640
19,700
Intangible assets, net
5,538
5,701
Other non-current assets
6,914
7,116
Total assets
$ 80,190
$ 82,089
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt
$ 6,098
$ 6,982
Accounts payable
20,586
19,389
Accrued and other
6,016
6,805
Short-term deferred revenue
15,034
15,318
Total current liabilities
47,734
48,494
Long-term debt
19,382
19,012
Long-term deferred revenue
13,116
13,827
Other non-current liabilities
2,681
3,065
Total liabilities
82,913
84,398
Stockholders’ equity (deficit):
Total Dell Technologies Inc. stockholders’ equity (deficit)
(2,822)
(2,404)
Non-controlling interests
99
95
Total stockholders’ equity (deficit)
(2,723)
(2,309)
Total liabilities and stockholders’ equity
$ 80,190
$ 82,089
DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Cash Flows
(in millions; unaudited)
Three Months Ended
May 3, 2024
May 5, 2023
Cash flows from operating activities:
Net income
$ 955
$ 578
Adjustments to reconcile net income to net cash provided by operating activities:
88
1,199
Change in cash from operating activities
1,043
1,777
Cash flows from investing activities:
Purchases of investments
(39)
(15)
Maturities and sales of investments
119
19
Capital expenditures and capitalized software development costs
(596)
(701)
Other
60
13
Change in cash from investing activities
(456)
(684)
Cash flows from financing activities:
Proceeds from the issuance of common stock
—
2
Repurchases of common stock
(700)
(240)
Repurchases of common stock for employee tax withholdings
(521)
(306)
Payments of dividends and dividend equivalents
(336)
(276)
Proceeds from debt
2,992
2,521
Repayments of debt
(3,477)
(3,698)
Debt-related costs and other, net
(35)
(5)
Change in cash from financing activities
(2,077)
(2,002)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(55)
(58)
Change in cash, cash equivalents, and restricted cash
(1,545)
(967)
Cash, cash equivalents, and restricted cash at beginning of the period
7,507
8,894
Cash, cash equivalents, and restricted cash at end of the period
$ 5,962
$ 7,927
DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued on next page)
Three Months Ended
May 3, 2024
May 5, 2023
Change
Infrastructure Solutions Group (ISG):
Net revenue:
Servers and networking
$ 5,466
$ 3,837
42 %
Storage
3,761
3,756
— %
Total ISG net revenue
$ 9,227
$ 7,593
22 %
Operating Income:
ISG operating income
$ 736
$ 740
(1) %
% of ISG net revenue
8.0 %
9.7 %
% of total reportable segment operating income
50 %
45 %
Client Solutions Group (CSG):
Net revenue:
Commercial
$ 10,154
$ 9,862
3 %
Consumer
1,813
2,121
(15) %
Total CSG net revenue
$ 11,967
$ 11,983
— %
Operating Income:
CSG operating income
$ 732
$ 892
(18) %
% of CSG net revenue
6.1 %
7.4 %
% of total reportable segment operating income
50 %
55 %
Amounts are based on underlying data and may not visually foot due to rounding.
DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued)
Three Months Ended
May 3, 2024
May 5, 2023
Reconciliation to consolidated net revenue:
Reportable segment net revenue
$ 21,194
$ 19,576
Other businesses (a)
1,049
1,343
Unallocated transactions (b)
1
3
Total consolidated net revenue
$ 22,244
$ 20,922
Reconciliation to consolidated operating income:
Reportable segment operating income
$ 1,468
$ 1,632
Other businesses (a)
6
(36)
Unallocated transactions (b)
—
2
Amortization of intangibles (c)
(168)
(203)
Stock-based compensation expense (d)
(210)
(225)
Other corporate expenses (e)
(176)
(101)
Total consolidated operating income
$ 920
$ 1,069
_________________
(a)
Other businesses consists of: 1) Dell’s resale of standalone VMware, Inc. products and services, “VMware Resale,” 2) Secureworks, and 3) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively.
(b)
Unallocated transactions includes other corporate items that are not allocated to Dell Technologies’ reportable segments.
(c)
Amortization of intangibles includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.
(d)
Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.
(e)
Other corporate expenses consist primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, and incentive charges related to equity investments.
SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES
These tables present information about the Company’s non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A detailed discussion of Dell Technologies’ reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures” in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.
DELL TECHNOLOGIES INC.
Selected Financial Measures
(in millions, except per share amounts and percentages; unaudited)
Three Months Ended
May 3, 2024
May 5, 2023
% Change
Net revenue
$ 22,244
$ 20,922
6 %
Non-GAAP gross margin
$ 4,947
$ 5,164
(4) %
% of net revenue
22.2 %
24.7 %
Non-GAAP operating expenses
$ 3,473
$ 3,566
(3) %
% of net revenue
15.6 %
17.1 %
Non-GAAP operating income
$ 1,474
$ 1,598
(8) %
% of net revenue
6.6 %
7.6 %
Non-GAAP net income
$ 923
$ 963
(4) %
% of net revenue
4.1 %
4.6 %
Non-GAAP earnings per share – diluted
$ 1.27
$ 1.31
(3) %
Amounts are based on underlying data and may not visually foot due to rounding.
DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued on next page)
Three Months Ended
May 3, 2024
May 5, 2023
% Change
Gross margin
$ 4,806
$ 5,018
(4) %
Non-GAAP adjustments:
Amortization of intangibles
60
79
Stock-based compensation expense
38
38
Other corporate expenses
43
29
Non-GAAP gross margin
$ 4,947
$ 5,164
(4) %
Operating expenses
$ 3,886
$ 3,949
(2) %
Non-GAAP adjustments:
Amortization of intangibles
(108)
(124)
Stock-based compensation expense
(172)
(187)
Other corporate expenses
(133)
(72)
Non-GAAP operating expenses
$ 3,473
$ 3,566
(3) %
Operating income
$ 920
$ 1,069
(14) %
Non-GAAP adjustments:
Amortization of intangibles
168
203
Stock-based compensation expense
210
225
Other corporate expenses
176
101
Non-GAAP operating income
$ 1,474
$ 1,598
(8) %
Net income
$ 955
$ 578
65 %
Non-GAAP adjustments:
Amortization of intangibles
168
203
Stock-based compensation expense
210
225
Other corporate expenses
170
98
Fair value adjustments on equity investments
30
15
Aggregate adjustment for income taxes (a)
(610)
(156)
Non-GAAP net income
$ 923
$ 963
(4) %
____________________
(a)
Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.
DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(unaudited; continued)
Three Months Ended
May 3, 2024
May 5, 2023
% Change
Earnings per share attributable to Dell Technologies, Inc. — diluted
$ 1.32
$ 0.79
67 %
Non-GAAP adjustments:
Amortization of intangibles
0.23
0.28
Stock-based compensation expense
0.29
0.30
Other corporate expenses
0.24
0.13
Fair value adjustments on equity investments
0.04
0.02
Aggregate adjustment for income taxes (a)
(0.84)
(0.21)
Total non-GAAP adjustments attributable to non-controlling interests
(0.01)
—
Non-GAAP earnings per share attributable to Dell Technologies, Inc. — diluted
$ 1.27
$ 1.31
(3) %
____________________
(a)
Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.
DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued)
Three Months Ended
May 3, 2024
May 5, 2023
% Change
Cash flow from operations
$ 1,043
$ 1,777
(41) %
Non-GAAP adjustments:
Capital expenditures and capitalized software development costs, net (a)
(586)
(698)
Free cash flow
$ 457
$ 1,079
(58) %
Free cash flow
$ 457
$ 1,079
(58) %
Non-GAAP adjustments:
Financing receivables (b)
165
(367)
Equipment under operating leases (c)
1
(25)
Adjusted free cash flow
$ 623
$ 687
(9) %
____________________
(a)
Capital expenditures and capitalized software development costs is net of proceeds from sales of facilities, land, and other assets.
(b)
Financing receivables represent the operating cash flow impact from the change in DFS financing receivables.
(c)
Equipment under operating leases represents the net change of capital expenditures and depreciation expense for DFS leases and contractually embedded leases identified within flexible consumption arrangements.
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“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU
“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)
“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA
“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G
“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA
“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International
“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT
“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART
“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei
A CONVERGING VIEW
Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.
WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.
In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ai-powered-connectivity-apac-charts-a-path-to-a-smarter-digital-future-302829032.html
SOURCE HUAWEI
Technology
Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer
Published
3 hours agoon
July 18, 2026By
Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.
NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.
The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.
Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”
Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.
The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.
The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.
For more information on Laifen, please visit LaifenTech.com.
About Laifen:
Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.
Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.
View original content to download multimedia:https://www.prnewswire.com/news-releases/laifen-expands-us-retail-footprint-with-costco-launch-of-best-selling-se-hair-dryer-302828573.html
SOURCE Laifen
NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.
For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html
SOURCE Pillsbury Winthrop Shaw Pittman LLP
AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future
Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer
Pillsbury Notice of Data Breach
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