Dell's profit slides 79% as it seeks to go private

Dell Inc , the subject of a takeover battle between activist investor Carl Icahn and the company's billionaire founder, reported a 79 percent slide in profit as personal computer sales continue to shrink.

Revenue in its fiscal first quarter ended May 3 fell to USD 14.1 billion, while net income fell to USD 130 million, Dell said on Thursday. The revenue was higher than the average analyst estimate of USD 13.5 billion according to Thomson Reuters I/B/E/S.

Michael Dell wants to take the world's third-largest PC maker private for USD 24.4 billion, but Icahn and major stakeholder Southeastern Asset Management dismiss that as too low and are proposing new leadership and additional cash or stock for shareholders.