Dell Q2 Earnings: Revenue Beat, EPS Beat, Accelerating AI Momentum And More

Author: Adam Eckert | August 29, 2024 04:29pm

Dell Technologies Inc (NYSE:DELL) reported financial results for the second quarter Thursday after the bell. Here’s a look at the key metrics from the quarter.

Q2 Earnings: Dell reported second-quarter revenue of $25.03 billion, beating the consensus estimate of $24.14 billion, according to Benzinga Pro. The company reported adjusted earnings of $1.89 per share, beating analyst estimates of $1.71 per share.

Total revenue was up 9% year-over-year. Infrastructure Solutions Group revenue totaled $11.6 billion in the second quarter, up 38% year-over-year. Client Solutions Group revenue came in at $12.4 billion, down 4% year-over-year.

Cash flow from operations was $1.3 billion in the second quarter. Dell said it returned $1 billion to shareholders via share repurchases and dividends in the quarter. The company ended the quarter with $6 billion in cash and investments.

“Our AI momentum accelerated in Q2, and we’ve seen an increase in the number of enterprise customers buying AI solutions each quarter,” said Jeff Clarke, vice chairman and chief operating officer of Dell.

“AI-optimized server demand was $3.2 billion, up 23% sequentially, and $5.8 billion year-to-date. Backlog was $3.8 billion, and our pipeline has grown to several multiples of our backlog.”

Dell did not provide forward guidance in its earnings release. Management will further discuss the company’s quarterly results on a call with investors and analysts at 4:30 p.m. E.T.

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DELL Price Action: Dell shares were up approximately 44% year-to-date heading into the print. The stock was up 7.20% in after hours, trading at $118.60 at the time of publication Thursday, according to Benzinga Pro.

Photo: Shutterstock.

Posted In: DELL