The tarot readers at Dell have been predicting a miserable second quarter revenue as US and European corporate tech spending weakens and consumer PC sales shrink.
Dell shares were hammered by more than 11 percent after news of the predictions were announced.
Dell is the world's Number 3 PC maker and forecast a two to four percent revenue gain this fiscal quartern was well short of what the cocaine nose jobs of Wall Street had been expecting.
The tarot readers saw $14.7 billion to $15 billion being made this year which was short of the $15.4 billion Wall Street thought it should be making.
Dell Chief Financial Officer Brian Gladden said in an interview that the problem was not tablets or a shift to mobile, but the fact that the economy in Europe was pants.
Demand from US federal businesses appears to be improving slightly. He said that he was seeing a "pretty good pipeline" in the US, which means that Obama has finally managed to get some good gear and Dell could chill a bit, and listen to some 1970s hard rock.
Dell's quarterly revenue fell more than analysts had expected, hurt by weak sales to people, to large enterprises and to government units.
Sales to plebs slid 12 percent to $3 billion. Sales to large corporations declined three percent to $4.4 billion.
Dell said revenue in its fiscal first quarter fell four percent to $14.4 billion, below the average analyst estimate of $14.9 billion.
Net income fell to $635 million from $945 million a year earlier.
Gladden said that April was not what Dell expected. But again he added that the "pipelines look pretty good."
What is interesting is how credible names like Reuters continue to blame the fact that Dell and HP are losing money because of the Apple iPad. Despite other brand names for mobile devices, Reuters mentions the iPad twice as the cause of Dell's results. Dell said its results were due to economic factors in Europe.
Even if it were because of a mythical shift to mobile, Apple's iPad is a tiny part of the mobile market which is dominated by Android gear.