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Why Dell Technologies Stock Is Surging After Hours

Benzinga logo Benzinga 11/21/2022 Adam Eckert
© Provided by Benzinga

Dell Technologies Inc (NYSE: DELL) shares are trading higher in Monday's after-hours session after the company turned in third-quarter results that topped analyst estimates.

Dell reported third-quarter revenue of $24.7 billion, which beat average analyst estimates of $24.53 billion, according to Benzinga Pro. The company said third-quarter revenue was down 6% year-over-year. 

Dell reported third-quarter earnings of $2.30 per share, which beat estimates of $1.60 per share. 

"With the industry's largest direct sales force and our technology ecosystem, we anticipated the changing landscape and responded quickly. We combatted slower demand and drove record profitability, with record operating income of $1.8 billion," said Chuck Whitten, co-chief operating officer of Dell.

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Dell ended the quarter with remaining performance obligations of $39 billion and deferred revenue of $27.1 billion. Cash and investments totaled $6.5 billion at the quarter's end.

See Also: After-Hours Alert: Why Zoom Video Stock Is Sinking

DELL Price Action: Dell shares are up 6.04% in after hours at $43.59 at time of publication.

Photo: Riekus from Pixabay.

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