Dell extends gains in premarket, jumps 21%

Shares of Dell Technologies Inc. (NYSE:DELL) continued to rally on Friday’s premarket trading after posting better-than-expected fourth-quarter results.

Net income skyrocketed 91% to $1.2 billion, and its operating income rose 25% to $1.5 billion in the reported quarter. The company’s revenue dropped by 11% on an annual basis to land at $22.3 billion but came in higher than analysts expected. For the full year, Dell’s net income soared 32% to $3.2 billion, which translates to $4.36 per diluted earnings share, marking a 35% jump from last year. Net revenue was down 14% to $88.4 billion compared to the year before.

“We’re optimistic about FY25 and are increasing our annual dividend by 20% – a testament to our confidence in the business and ability to generate strong cash flow,” Chief Financial Officer Yvonne McGill said.

Dell’s stock jumped 21.49% to $115.00 apiece at 5:36 am ET.

Dell Technologies (NYSE:DELL)
Historical Stock Chart
From Apr 2024 to May 2024