Dell Technologies posted record quarterly results Thursday, sending its shares up 38% in Friday premarket trading. The company reported Q1 revenue of $43.8 billion, up 88% year over year.
The standout number was AI server revenue, which jumped 757% compared to the same period last year. Dell also raised its full-year forecast for fiscal 2027, now expecting revenue between $165 billion and $169 billion. That is well above the $142 billion analysts had predicted.
Dell’s results lifted other tech names. Hewlett Packard Enterprise gained over 19%, while NetApp rose more than 15% after its own strong earnings beat. International Business Machines added 5.5% and Super Micro Computer climbed 9.2%.
NetApp reported adjusted earnings of $2.43 per share on revenue of $1.95 billion. The company cited strong demand for high-margin all-flash storage products, driven by AI workloads.
Okta rose 7.8% after reporting revenue of $765 million, up 11% year over year. PagerDuty climbed 13% after beating estimates and announcing a new CEO alongside a $100 million share buyback.
The S&P 500 is on course for its ninth consecutive weekly gain. The broader rally has been driven largely by AI-related earnings across the tech sector.
Not every sector had a good day. Space stocks dropped sharply after a Blue Origin rocket exploded late Thursday night.
AST SpaceMobile fell 14% and Rocket Lab dropped 5.6% in premarket trading. Both stocks had risen nearly 90% over the past month, boosted by excitement around the upcoming SpaceX IPO.
On the losing side, SentinelOne fell nearly 20% after posting revenue of $276.66 million, slightly below estimates. The cybersecurity company also signaled upcoming layoffs.
Gap fell 15.8% after reporting weaker sales at Old Navy and Banana Republic. The company lowered its full-year net sales growth forecast to between 1% and 2%.
American Eagle Outfitters dropped 11.3% despite beating top and bottom line estimates. Comparable store sales for its main brand fell 2%, missing the expected 3% gain.
Elastic fell 7.3% after issuing a cautious near-term outlook, even as Q4 revenue rose 16% to $451 million.
The day’s results underline a split market, where strong AI-linked earnings are pushing select tech stocks higher while retailers and cybersecurity names face pressure.
Dell’s full-year adjusted earnings guidance of $17.90 per share at the midpoint is well above the $13.12 analysts had expected going into the report.
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