Dell Technologies Q3 Results Beat Wall Street View

(RTTNews) - Dell Technologies (DELL) Tuesday reported an increase in profit for its third quarter as revenues grew 3% driven largely by higher demand for desktops and notebooks as several people worked remotely during the COVID-19 pandemic. Both earnings and revenues for the quarter trumped Wall Street analysts' estimates.

Round Rock, Texas-based Dell's third-quarter profit rose to $832 million or $1.08 per share, up from $499 million or $0.66 per share last year.

Adjusted earnings were $1.71 billion or $2.03 per share for the period. Analysts polled by Thomson Reuters estimated earnings of $1.40 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter rose 2.8% to $23.48 billion from $22.84 billion last year. Analysts had a consensus revenue estimate of $21.85 billion.

"Technology has never been more important, and as the world evolves, so does our business," said Jeff Clarke, vice chairman and chief operating officer. "We met unprecedented demand for remote work and learn solutions this quarter while increasing revenue to $23.5 billion. At the same time, we accelerated our as-a-Service strategy and hybrid cloud capabilities at the edge - positioning us to win in these growing markets and making it easy for customers to manage data and workloads across all their operations."

Client Solutions Group revenues grew to 8% to a record $12.3 billion, with consumer revenue up 14% and commercial client revenue up 5%.

DELL closed Tuesday's trading at $70.33, up $0.95 or 1.37%, on the Nasdaq. The stock further gained $0.27 or 0.38% in the after-hours trade.