Dell Technologies Q4 Results Top Street View

(RTTNews) - Dell Technologies (DELL) Thursday reported an increase in profit for fourth quarter as revenues rose 9% driven largely by continued demand for desktops and notebooks as COVID-19 pandemic continues to force several people to work remotely. Both earnings and revenues for the quarter trumped Wall Street analysts' estimates.

Round Rock, Texas-based Dell's fourth-quarter profit rose to $1.34 billion or $1.57 per share, up from $416 million or $0.54 per share last year.

Adjusted earnings were $2.29 billion or $2.70 per share for the period, up from $1.68 billion or $2.00 per share last year.. Analysts polled by Thomson Reuters estimated earnings of $2.14 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter rose 9% to $26.11 billion from $24.02 billion last year. Analysts had a consensus revenue estimate of $24.49 billion.

"In the past year, our team rallied to support our customers and partners worldwide as technology played a central role in keeping our society, economy and lives moving forward," said Jeff Clarke, chief operating officer, Dell Technologies. "We generated record revenue of $94.2 billion this year by helping customers adapt to new work-and-learn-from-anywhere realities and are in an advantaged position to capitalize on the projected mid-single digits growth in IT spending in 2021."

Client Solutions Group revenues grew to 17% to a record $13.8 billion, with consumer revenue up 19% and commercial client revenue up 16%.

DELL closed Thursday's trading at $79.68, down $2.01 or 2.46%, on the Nasdaq. The stock, however, gained $2.57 or 3.23% in the after-hours trade.