Technology giants HP and Dell reported better-than-expected last quarter financial results on Thursday 27th August after the market close. The last quarter results fuelled by a huge surge in PC demand due to remote working and distance learning. Businesses and students have had to adapt to working and learning remotely, and demand for laptops has increased as a result.
Dell Technologies (NYSE: DELL) second-quarter financial results exceeded Wall Street estimates. Dell's consumer devices revenue up 18%.
Earnings per share (EPS) $1.92 vs. $1.37 expected
Revenue $22.7 billion vs. $22.5 billion expected
“We saw strength in the government sector and in education, with orders up 16% and 24%, respectively, as parents, teachers and school districts prepare for a new frontier in virtual learning,” Jeff Clarke, Dell’s CEO, said.
On Friday, the DELL shares reached a fresh yearly high of $67.62 and closed 6.05% higher at $66.21. The stock climbed 29% since the beginning of this year.
HP (NYSE: HPQ) announced better-than-expected third-quarter results on Thursday, August 27th. Meanwhile, the company revenue declined to $14.29 billion from $14.60 billion in the year-ago period.
Earnings per share (EPS) $.49 vs. $.43 expected
Revenue $14.29 billion vs. $13.31 billion expected
"Our strong Q3 results and solid beat for the quarter, in the face of unprecedented uncertainty, reflects the agility of our teams and the strength of our portfolio”- HP's CEO Enrique Lores said.
On Friday, the HP stock gained more than 6% while the shares are down almost 9% this year.