Dell: More layoffs on tap; ITaaS; And a bit of gadget lust

Michael Dell said Thursday that the company will lay off more than the 8,800 employees it had previously announced and remains committed to cutting costs. Dell's confessional indicates that the company has a lot of cost cutting ahead and could become more efficient.

All of this operational efficiency has to come as Dell grows in emerging markets, woos consumers and pushes ITaas (IT as a service). Will Wall Street buy it?

Dell, who is holding an analyst meeting for the first time since 2005, said the company "is on a mission" to fix its current state of affairs, which is second fiddle to Hewlett-Packard.

Among the highlights:

• Dell will spend $1 billion on share repurchases in the first quarter.

• Dell will automate processes and lay off more folks than previously disclosed.

• The company will push ITaaS.

• Woo consumers with brand lust.

• Grow its enterprise market share.

• But first Dell has to grow its commercial credibility.