Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Dell (NYSE:DELL) and the best and worst performers in the hardware & infrastructure industry.

The Hardware & Infrastructure sector will be buoyed by demand related to AI adoption, cloud computing expansion, and the need for more efficient data storage and processing solutions. Companies with tech offerings such as servers, switches, and storage solutions are well-positioned in our new hybrid working and IT world. On the other hand, headwinds include ongoing supply chain disruptions, rising component costs, and intensifying competition from cloud-native and hyperscale providers reducing reliance on traditional hardware. Additionally, regulatory scrutiny over data sovereignty, cybersecurity standards, and environmental sustainability in hardware manufacturing could increase compliance costs.

The 10 hardware & infrastructure stocks we track reported a slower Q4. As a group, revenues beat analysts’ consensus estimates by 1.1% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 20.7% since the latest earnings results.

Dell (NYSE:DELL)

Founded by Michael Dell in his University of Texas dorm room in 1984 with just $1,000, Dell Technologies (NYSE:DELL) provides hardware, software, and services that help organizations build their IT infrastructure, manage cloud environments, and enable digital transformation.

Dell reported revenues of $23.93 billion, up 7.2% year on year. This print fell short of analysts’ expectations by 2.5%. Overall, it was a mixed quarter for the company with an impressive beat of analysts’ operating income estimates.

“In Q4 we grew our Infrastructure Solutions Group revenue by 22%, and we’re well positioned to capture growth across every segment of our business,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.

The stock is down 14.7% since reporting and currently trades at $92.

Read our full report on Dell here, it’s free .

Best Q4: Pure Storage (NYSE:PSTG)

Founded in 2009 as a pioneer in enterprise all-flash storage technology, Pure Storage (NYSE:PSTG) provides all-flash data storage hardware and software that helps organizations manage their data more efficiently across on-premises and cloud environments.

Pure Storage reported revenues of $879.8 million, up 11.4% year on year, outperforming analysts’ expectations by 1.2%. The business had a satisfactory quarter with an impressive beat of analysts’ EPS estimates but billings in line with analysts’ estimates.