Oh yes it is bad . . .
Are HP, Acer, Lenovo, Apple recording "actual losses"? No.
Dell runs on a turnover treadmill; they grow revenue (sales) and spend the resulting supplier credit to buy back their own stock.
Dell products have no advantage, so Dell has no pricing power. To keep the treadmill running, they have to cut prices. Sales up 11%, units up 19%, ASP down, margins down. But it's worse than that, to keep sales up they've stuffed a new worldwide retail channel with product at even lower margins. (visited Tesco recently?)
Dell has cut overheads and head count by selling off assets and outsourcing support, product design and sales. Effectively they're ripping up the floorboards and burning them to keep warm.
Don't be the last one to realise Dell are milking the final revenues from their old brand values. As we move to the post-PC era in both enterprise and consumer markets, things look bleak for Dell. It's probably too late to follow IBM's footsteps out of the PC market, but that looks to be what Michael Dell had hoped for.