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Dell Technologies Inc's (NASDAQ:DELL) shares were brutalised after hours after the laptop maker lowered its revenue expectations for the fourth quarter.

Dell now projects revenue between $24 billion and $25 billion, below analysts' estimates of $25.57 billion, despite reporting third-quarter earnings that exceeded expectations.

Adjusted earnings per share were $2.15, beating the expected $2.06. Net income rose 12% to $1.12 billion. The stock fell 11% at $ 125.75.

The company cited fluctuating demand for its artificial intelligence systems for its woes, noting that some customers are deferring purchases to wait for Nvidia's next-generation Blackwell AI chips.

Dell's AI server sales reached $2.9 billion for the quarter, with $3.6 billion in future orders booked. AI-driven demand boosted revenue in Dell's Infrastructure Solutions Group by 34%. However, consumer PC sales fell 18% year-on-year to $2 billion.