Why Dell Technologies Rose 10.4% in August
Shares of Dell Technologies (NYSE: DELL) rose 10.4% during the month of August, according to data from S&P Global Market Intelligence. The technology conglomerate, whose offerings span servers, computers, and software, posted better-than-expected results on Aug. 27. Shares may have also benefited from comments earlier in the summer regarding a possible spinoff of the company's VMware (NYSE: VMW) stake in the future.
For its second quarter, Dell delivered revenue of $22.8 billion, which was actually down 2.8% year over year, but still some $300 million ahead of analyst expectations in the pandemic-affected quarter. Meanwhile, thanks to cost controls and lower marketing expense during the uncertain time, adjusted earnings per share grew to $1.92, beating expectations by $0.52.
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Source Fool.com
