to the public market in 2018. The rally followed a better-than-expected earnings report, driven by a big revenue beat.
The maker of IT hardware and infrastructure technology said sales slid 13% from a year earlier to $22.9 billion, topping the $20.9 billion average analyst estimate according to Refinitiv. Adjusted earnings per share of $1.74 exceeded the $1.14 average analyst estimate. Dell traded at $68.59 as of mid-day Friday. It's on pace for its biggest gain and highest close since the company relisted its stock five years ago. Dell was taken private in 2013 by founder Michael Dell and a group of private equity firms.
In addition to its rosy earnings report for the latest quarter, Dell increased its forecast for the year. The company now expects full-year sales of between $89.5 billion and $91.5 billion, representing a 12% year-over-year drop at the middle of the range. Dell previously was calling for a drop of about 15%.
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