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Despite the computer maker's top- and bottom-line growth, investors were disappointed in the shortfall in gross margins, which reached only 17.6% of sales on an adjusted basis, whereas analysts had, on average, expected 18%.
FORBES
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This exceeds the average rate decline for all credit cards, meaning that they are now more expensive on an inflation-adjusted basis.
FORBES: Why Haven't Credit Card Rates Fallen Like Other Rates?
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Adjusted homebuilding gross margin expanded 210 basis points to 23.2% on the back of an increased average sales price, increased deliveries from new higher margin communities and reduced incentives.
FORBES: Lennar Looking Lovely As Homebuilders Flex Muscle