By Reuters Staff
(Adds details from HP Inc results, details from conference call)
May 27 (Reuters) - Dell Technologies Inc and HP Inc reported quarterly revenue that beat Wall Street estimates on Thursday, as customers continued to shop for personal computers, even as pandemic-led restrictions eased in many parts of the world.
However, shares of Dell fell 1%, while those of HP dropped as much as 6%, after both companies warned the ongoing computer chip shortage could impact their ability to meet demand for laptops this year.
“The component supply situation remains constrained,” Dell Chief Financial Officer Thomas Sweet said in post earnings call, adding that rising costs to procure these chips would hit its operating income in the current quarter by the low to mid-single digits and lead to slightly lower revenue on a sequential basis.
The U.S. Senate on Thursday advanced a sweeping package of legislation intended to boost the country's ability to compete with Chinese technology, as Congress increasingly seeks to take a tough line against Beijing.
Japan's Renesas Electronics Corp will issue 196.4 million new shares to raise 218.5 billion yen ($1.99 billion), the major supplier of automotive semiconductors said on Friday, aimed in part at helping to fund its acquisition of Dialog Semiconductor.