Privately held Dell Technologies reported its fiscal third-quarter results Thursday morning, its first after its acquisition of EMC, along with its portfolio company VMware Inc. (VMW). The tech pioneer’s acquisition of EMC for $58 billion marked the largest tech merger to date.

Since Dell now has a majority stake in publicly traded VMware, Dell will need to follow some of the same disclosure rules as public companies. (See also: What the EMC-Dell Merger Means for VMware.)

CFO: Dell Is ‘Doing What We Said We’d Do’

The Round Rock, Texas-based company reported an operating loss of $1.5 billion in the most recent quarter, compared to an operating loss of $78 million over the same period last year. Third-quarter revenues came in at $16.2 billion, reflecting a 28% increase year-over-year (YOY) from $12.7 in Q315. Revenues, including non-GAAP​ sales of $16.8 billion, included 52 days of revenue from EMC and VMware. Both the major changes in operating loss and sales largely can be attributed to cost and gains associated with the EMC merger.

In an interview with Barron’s, when asked if there was a way to analyze performance of “core” Dell before the merger, Dell Chief Financial Officer Tom Sweet said the numbers would be distorted given the different lines of business. Sweet noted that Dell’s server and networking businesses are down 8%, which he attributed to “lumpy” sales in areas such as “hyper-scale” data centers due to the nature of sales cycles for the particular business. Dell’s client computing was up 3% at $9.19 billion, which the CFO said was “very good.”

Dell also reported Thursday that it had paid off $7 billion in debt in the third quarter, a positive for analysts concerned with Dell’s relatively high debt levels after it raised billions to buy EMC. As competitors such as Hewlett Packard Enterprise Co. (HPE) slim down, Dell hopes to demonstrate its ability to cut costs and offer innovative products at a massive scale. So far, it seems the firm is on track to do so, as Sweet says confidently, “we are doing what we said we would do.” (See also: HP CEO Slams Dell on Excessive Debt.)


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