Why Are Dell Technologies Shares Rising After Hours?

Dell Technologies Inc DELL shares are trading higher in Thursday's after-hours session after the company turned in a top- and bottom-line beat for the fourth quarter.

What Happened: Dell said fourth-quarter revenue decreased 11% year-over-year to $25.04 billion, which beat average analyst estimates of $23.48 billion, according to Benzinga Pro. The company reported quarterly earnings per share of $1.80, which beat estimates of $1.64.

Cash flow from operations for the quarter was $2.7 billion in the quarter. Cash and investments came in at $10.2 billion. The company also noted that it returned $3.8 billion to shareholders in the fiscal year 2023 through share repurchases and dividends. 

We continue to deliver for our customers and meet our capital return commitments by taking a disciplined approach to managing our business. We returned approximately $3.8 billion of capital to our shareholders in FY23 and are increasing our annual dividend by 12% in FY24, reflecting our confidence in our long-term business model and ability to generate and grow our cash flow over time," said Tom Sweet, CFO of Dell Technologies.

Sweet is on his way out. The company said he will retire at the end of the second quarter of fiscal 2024. Dell has named Yvonne McGill its new CFO, effective at the start of the third quarter of fiscal 2024.

See Also: Why Broadcom Stock Is Ticking Higher After Hours

DELL Price Action: Dell shares are up 6.37% after hours at $42.71 at the time of publication, according to Benzinga Pro.

Photo: Raj from Flickr.