Why Dell Technologies Stock Skyrocketed to an All-Time High Today
Shares of computing company Dell Technologies (NYSE: DELL) skyrocketed on Friday after the company reported completed financial results for its fiscal 2024. As of 11:45 a.m. ET, Dell stock was up about 27% and hitting a new all-time high since it became a publicly traded company again in 2018.
Dell's fiscal year ended on Feb. 2, and the headline numbers in isolation weren't necessarily great. The company's net revenue fell 14% year over year. And its operating income dropped 10% to $5.2 billion. But the headline numbers don't tell the whole story.
In reality, Dell generated more revenue in the fourth quarter than Wall Street expected because it's benefiting from surging interest in artificial intelligence (AI). The company offers AI servers, but demand is outpacing supply.
Source Fool.com
