Dell just released its biggest earnings report since returning to the public markets in 2018, and its stock is soaring.
The company’s stock soared 30% after hours Thursday after it missed Wall Street’s first-quarter profit expectations. The stock closed Thursday’s session up nearly 4% at $317.05.
The company, famous for its “Hey, you’re buying Dell” ads in the 2000s, reported revenue of $43.84 billion, compared to expectations of $35.43 billion. Earnings per share were $4.86, compared to expectations of $2.94. Dell went private in 2013 and relisted as a public company in late 2018.
This is another example of early internet computer companies gaining new perspective from the AI boom. Dell said its AI revenue soared year over year to more than $16 billion, and it expects AI-derived revenue to reach $60 billion in 2026. As a result, the company’s full-year sales are expected to be between $165 billion and $169 billion.
Other 2000s favorites that have gained momentum recently include Cisco and Intel, which are up 56% and 206%, respectively. Intel’s meteoric rise has paid off handsomely for the U.S. government, which acquired a stake in the company last August. That investment has ballooned from $8.9 billion to nearly $55 billion.
Financial disclosures also show that President Donald Trump invested in Dell stock in his personal portfolio in the first quarter. The president’s account made between $1 million and $5 million in purchases in February, according to filings. Dell also signed a nearly $10 billion contract with the U.S. Department of Defense on Wednesday.