Dell’s stock soars as company easily beats on earnings

📆 31/08/2023 20:20:00
📰 MarketWatch

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Dell Technologies Inc. shares were surging 10% in aftermarket trading Thursday after the technology giant posted sizable beats on profit and revenue. The...

Dell Technologies Inc. shares DELL, +0.99% were surging 10% in aftermarket trading Thursday after the technology giant posted sizable beats on profit and revenue. The company posted fiscal second-quarter net income of $455 million, or 63 cents a share, compared with $506 million, or 68 cents a share, in the year-prior period. On an adjusted basis, Dell earned $1.74 a share, up from $1.68 a year before, while analysts tracked by FactSet were projecting $1.14 a share.

Revenue declined to $22.9 billion from $26.4 billion, whereas analysts were looking for $20.9 billion. “We continue to focus on the most profitable segments of the market where we have a leading position,” Chief Operating Officer Jeff Clarke said in a release. He noted that demand for Dell’s proprietary software-defined storage solution has risen for eight consecutive quarters.

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