Dell Inc has reported record first quarter revenue and profits in its latest quarterly earnings as the company has cashed in on rising demand for technology to support hybrid working such as storage.
For the three months ending April 29, 2022, the PC maker reported revenue of $26.1 billion, up 16% from the $22.6 billion reported for the same quarter last year.
Non-GAAP diluted earnings per share jumped 36% to $1.84, up from $1.35 for 1Q, 2021.
READ: Broadcom in talks to acquire cloud service provider VMware Inc
On both of these measures the company exceeded consensus analyst expectations, with expected revenue of $25 billion and earnings per share of $1.39, according to Reuters.
Investors responded well, sending shares nearly 13% higher to $50 in New York on Friday morning.
The company noted within its Infrastructure Solutions Group that storage revenue was up 9% at $4.2 billion due to demand across its broad storage portfolio.
In its Client Solutions Group, Dell attributed a 17% increase in first quarter revenue to continued strength in commercial PCs, with commercial PC revenue of $12 billion.
Dell co-chief operating officer Chuck Whitten said the company’s 1Q results demonstrated the benefits of having a strong, geographically, and sector-diverse business covering the edge to the core data center to the cloud.
“We are positioned to pursue growth wherever it materializes in the IT market, given the predictability, durability, and flexibility in our business,” Whitten said.
Contact Emily at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie