Dell Technologies (DELL) shares surged nearly 20% in after-hours trading Thursday as the company's quarterly results highlighted the Nvidia (NVDA) partner's position to gain amid the 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) boom.

The company reported fourth-quarter revenue for the 2024 澳洲幸运5官方开奖结果体彩网:fiscal year of $22.3 billion, down 11% from a year ago but above analyst estimates and the previous quarter. Dell's Infrastructure Solutions Group grew 10% from the previous quarter as AI-optimized server orders jumped nearly 40%.

Dell's net income for the quarter at $1.16 billion was up 89% from a year ago, though it was slightly below estimates compiled by Visible Alpha. 澳洲幸运5官方开奖结果体彩网:Earnings per share (EPS) of $1.59 also fell short of estimates.

For the full 2024 fiscal year, Dell posted revenue of $88.4 billion, ahead of analysts' projections. Net income for the year at $7.7 billion was significantly ahead of the $4.9 billion expected.

"Our strong AI-optimized server momentum continues, with orders increasing nearly 40% sequentially and backlog nearly doubling, exiting our fiscal year at $2.9 billion," Dell CEO Jeff Clarke said. He added that the company "just started to touch the AI opportunities ahead of us, and we believe Dell is uniquely positioned with our broad portfolio to help customers build GenAI solutions that meet performance, cost and security requirements."

The company also raised its dividend 20% to $1.78 per share in what CFO Yvonne McGill called a “testament to ouꦅr confidence in the business.”

Dell could see significant gains as AI tech advances through its ongoing partnerships with AI leaders including Nvidia and AMD (AMD), with analysts indicating Dell could benefit from an accelerated upgrade cycle driven by AI-capable PCs.

Dell shares, which closed the regular session at a record high, gained 19.3% to $112.95 in after-hours trading. The stock has more than doubled in value over the𝔉 past year.

UPDATE—Feb. 29, 2024: This article was updated to include additional details about Dell's dividend increase, as well as share price information.