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"Tom," he said, "you have a warped sense of humor." There was a period when every piece of news I heard got worse and worse and worse." At one point that summer, as he and new chief financial officer Tom Meredith rushed through Heathrow Airport to catch a plane to Ireland, Meredith told Dell he saw a silver lining in the notebook disaster-it had revealed that the company's information systems and management had not kept pace with its rapid growth.
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Says Michael Dell: "I felt a gradual panicking.
#MICHAEL DELL MARKETING STRATEGY PC#
This meant sitting on the sidelines of the fastest-growing segment of the PC market for more than 12 months. Worst of all, Dell had scrapped all its new lines of notebook computers because of poor production planning. The chief financial officer had resigned, leaving a management void. A widely publicized spat with a Kidder Peabody analyst who questioned the company's currency trading and its accounting practices had embarrassed Dell. What a far cry from two years ago, when Dell Computer's stock price plummeted from $49 in January 1993 all the way to $16 by July. The results exceeded expectations shares of Dell stock rose $1.25 to reach $74.25 that day. Profits of $65 million, up 128%, were helped by a 44% surge in sales to corporations and the government, the high-margin customers that account for three-quarters of Dell's business. Sales hit $1.2 billion for that period, up 52% from the same three months last year. On August 17, Michael Dell, who pioneered the direct marketing of computers 12 years ago in his University of Texas dorm room, announced that Dell Computer had scored record sales and earnings for the quarter ended July 31. (FORTUNE Magazine) – IT MAY BE HARD to believe, but Bill Gates isn't the only prodigy in computerdom enjoying an astounding summer.