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May 28, 2020, 4:49 p.m. EDT

Dell says COVID-19 helped sales in some sectors, stock jumps more than 7% after earnings

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By Jeremy C. Owens


Dell Technologies Inc. /zigman2/quotes/203822527/composite DELL -2.05% said that the COVID-19 pandemic has boosted its business in certain sectors Thursday and showed off financial performance well beyond expectations, sending shares more than 7% higher in late trading. The tech company revealed first-quarter earnings of $182 million, or 19 cents a share, on revenue of $21.9 billion, roughly even with sales from a year before. After adjustments for stock-based compensation and other effects, the company reported earnings of $1.34 a share, down from $1.45 a share a year ago. Analysts on average expected adjusted earnings of 97 cents a share on sales of $20.75 billion. "Customers need essential technology now more than ever to put business continuity, remote working and learning plans into practice," Chief Operating Officer Jeff Clarke said in the announcement . "In Q1, we saw orders with banking and financial services, government, healthcare and life sciences customers up 15 to 20 percent - all to meet immediate needs of their customers, communities and patients." Dell stock closed a penny higher at $45.58, but then shot to more than $49 in after-hours trading following release of the results.

$ 52.95
-1.11 -2.05%
Volume: 1.81M
July 7, 2020 4:00p
P/E Ratio
Dividend Yield
Market Cap
$40.00 billion
Rev. per Employee

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