Typically a company will look at acquisition strategies when their growth starts to slow but there's no slowing down at Dell.

It's all market share gains for Dell. You will not see Dell hint at industry growth.

This is obviously a strong quarter, but investors did have high expectations for what the company could do,

This is a company in turnaround mode, but we would have liked to have seen more progress. There wasn't anything that even hinted at a major rebound.

The job cuts don't change the competitive dynamic in the printers, server and storage markets. Will these changes help stem the share losses? That's certainly less clear.

We believe the impressive top-line growth the company has achieved in recent quarters will be tough to sustain going forward.