Dell Technologies Inc.’s stock jumped 18% in extended trading Thursday after the company put up quarterly results that eclipsed Wall Street’s expectations. It also announced a 20% increase in its annual cash dividend, to $1.78 per share
The personal-computer company
DELL,
fueled by a surge in demand for AI servers, reported fiscal fourth-quarter net income of $1.16 billion, or $1.59 a share, compared with net income of $606 million, or 84 cents a share, in the same quarter a year ago. Adjusted earnings were $2.20 a share.
Net revenue slumped 11% to $22.3 billion from $25 billion in the year-ago quarter.
Analysts surveyed by FactSet had expected on average net income of $1.73 a share on revenue of $22.17 billion.
Shares of Dell have skyrocketed 136% over the past year, while the broader S&P 500 index
SPX
has increased 28%.
This story originally appeared on Marketwatch
