Dell profits fall by 72% as sales flop

There was more bad news for struggling PC maker Dell over night as it reported another steep drop in profits.

Second-quarter profits fell 72% to $204 million (£130 million), hurt by declining global PC sales. First-quarter profits dropped 79%.

Founder and chief executive Michael Dell is fighting against activist investor Carl Icahn to take the firm private and launch a turnaround. He wants to move it into more profitable areas.

Icahn believes Dell’s offer, which values the firm $24.9 billion, is too low and will today ask a Delaware judge to fast-track his lawsuit against the company hoping to block the buyout. A shareholder vote on the offer has been rescheduled for 12 September.