Dell's Q2 financial results for fiscal year 2012, announced today, include a brief but important mention of cloud computing. Specifically, Dell claims its growing focus on data management, services, security and cloud computing are helping to shift Dell's revenue mix to a "higher-value" portfolio of solutions.

Dell could have a point. The company's servers are widely deployed within many data centers and public cloud infrastructures. Plus, Dell has gradually introduced a so-called Dell Cloud Solution for Web Applications. And Dell has publicly embraced OpenStack, the open source cloud platform that numerous service providers are testing.

Still, I don't want to overstate Dell's cloud strategy and its impact on Dell's revenues. For its fiscal Q2 2012, Dell says top-line revenues were $15.7 billion -- up only 1 percent. Dell also trimmed its full-year revenue expectations, which disappointed Wall Street.