Dell Rises After Strong Computer Demand Fuels Rosy Forecast
- Corporate spending on PCs helps spur 2% gain in total revenue
- Sales of servers, networking gear fall, while VMware grows
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Dell Technologies Inc. raised its annual profit forecast after reporting quarterly sales and earnings that topped Wall Street estimates on strong corporate demand for computers and software. Shares gained in extended trading.
Profit, excluding some items, will be $6.95 to $7.40 a share in the current fiscal year, executives of the Round Rock, Texas-based company said Thursday during a conference call. In February, Dell projected $6.05 to $6.70 a share for fiscal 2020. Analysts on average estimated $6.42 a share, according to data compiled by Bloomberg.