Dell's profit drops 63 percent, but beats estimates by a penny

Dell (DELL) said earnings fell 63 percent in its fiscal first quarter. Even so, its profit beat analyst estimates by a cent, helped in good measure by cost cutting.

Profit fell because personal computer sales have been declining for the Round Rock, Texas-based PC maker.

Sales dropped 23 percent, missing analyst estimates, to $12.3 billion. Shares of Dell, higher by 12 percent this year, were up slightly in after hours trading.