DELL: Dell Stock Hits Record High as Earnings Report Boosts Shares by 21% in a Day

The PC maker floated an optimistic outlook for its AI-related business, adding to the enthusiasm from the sound earnings beat.

• Dell stock DELL delivered a bumper earnings report Friday, boosting its shares by as much as 21% to hit a record high of $68.19 a pop. The company, whose valuation hangs just under the $50bn handle, said quarterly revenue and net income came in at $22.9bn and $455mn, respectively.
• The figures were less than the year-ago quarter of $26bn in revenue and $506mn in net income. Still, they were a solid beat of Wall Street’s estimates and well above the numbers from the prior quarter. What drove the buying momentum further was an optimistic outlook for AI-powered growth.
• “AI is a strong tailwind,” COO Jeffrey Clarke said, highlighting “growing interest in orders in AI solutions.” Looking ahead, Dell expects to take home at least $89.5bn in revenue for fiscal 2023. Profit per share is projected to land at $6.30, beating analyst consensus for $5.56.