Melvin Onwubuke
Dell is enjoying its best run in the stock market since the founder Michael Dell brought the company back to the stock market in 2018.
Shares of the PC and server manufacturer soared 30% on Friday to $121.88, after the company posted fiscal fourth-quarter results that surpassed estimates, according to CNBC.
For the latest quarter, Dell reported revenue of $22.32 billion, dip 11% from last year quarter but surpassing the $22.16 billion analysts projected.
Adjusted earnings per share of $2.20 surpassed analysts’ estimate of $1.73. Dell’s net income of $1.16 billion marked an increase of 89% from the preceding fourth quarter.
The company, exhibiting a strong demand for its artificial intelligence servers, also said it’s increasing its annual dividend by 20% to $1.78 per share, and expects revenue between $21 billion and $22 billion for the first quarter.
Dell returned to public markets in 2018 after going private in 2013. Its market capitalization was about $16 billion when it first started trading more than five years ago. It’s now worth close to $86 billion.
