SAN FRANCISCO (Reuters) - Dell Inc, the subject of a takeover battle between activist investor Carl Icahn and the company's billionaire founder, reported a 79 percent slide in profit as personal computer sales continue to shrink.

Revenue in its fiscal first quarter ended May 3 fell to $14.1 billion, while net income fell to $130 million, Dell said on Thursday. The revenue was higher than the average analyst estimate of $13.5 billion according to Thomson Reuters I/B/E/S.

Michael Dell wants to take the world's third-largest PC maker private for $24.4 billion, but Icahn and major stakeholder Southeastern Asset Management dismiss that as too low and are proposing new leadership and additional cash or stock for shareholders.

(Reporting by Poornima Gupta; Editing by Richard Chang)

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