With an air of confidence fueled by double-digit growth around the world, computer giant Dell Inc told investors it's well ahead of its goal of becoming a US$60 billion company by 2007.
Dell executives said on Thursday that the company's direct-sales model, which saves money by cutting out retail stores, would ensure that its entire range of products -- personal computers, business ser-vers, printers, software, peripherals and technology services -- can keep growing at least 10 percent per quarter.
"We're clearly tracking ahead of $60 billion," founder Michael Dell said.
He declined to offer more specific projections, however.
Dell posted revenue of US$41 billion in its last full fiscal year, which ended Jan. 30.
Dell officials said they have begun seeing signs of a recovery in business spending. The improvement appears to come from better corporate profits and a need to replace aging computer systems.
Chief financial officer Jim Schneider raised first-quarter revenue predictions by US$200 million, to US$11.4 billion, and said the company would spend about US$2 billion this year on stock repurchasing. Dell expects to meet its first-quarter earnings estimate of US$0.28 per share, up 22 percent over the year-ago period, when results are announced May 13.
Analysts weren't surprised by Dell's bullish predictions or the massive stock repurchase. Dell has about US$12 billion on hand in cash and investments, plenty to handle the buyback, analysts said.
"We all believe, and they haven't given us any reason to doubt their ability to succeed," said Richard Chu of SG Cowen.
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