CNBC | Thursday, February 29, 2024 
Dell shares soar 20% after beating earnings expectations, cites rising demand for AI servers

Shares of Dell Technologies popped more than 18% in extended trading Thursday after the company released fourth-quarter results that beat analysts’ estimates and showed strong demand for its artificial intelligence servers. Here’s how the company did: Earnings per share: $2.20 adjusted vs. $1.73 expected by LSEG, formerly known as Refinitiv. Revenue: $22.32 billion vs. $22.16 billion expected by LSEG – Dell’s revenue for the fiscal 2024 fourth quarter fell 11% from $25.04 billion in the year ago quarter. The company reported a net income $1.16 billion, up 89% from the $614 million it posted in the same period last year. CFO Yvonne McGill said in a release the company is increasing its annual dividend by 20% to $1.78 per share, which she called a “testament to our confidence in the business.” Dell’s Infrastructure Solutions Group (ISG) reported $9.3 billion in revenue for the quarter, down 6% year-over-year but up 10% from the third quarter. Servers and networking revenue made up the bulk of that, with $4.9 billion in revenue driven by “AI-optimized servers.” Storage revenue came in at $4.5 billion...Read more