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: Dell, VMware shares rise on strength of working (and learning) from home

Dell Technologies Inc. shares climbed higher in the extended session Thursday as the computing company’s revenue and adjusted earnings beat Wall Street expectations. Dell
DELL,
+0.48%

shares rose 1.8% in after-hours trading after closing the regular session at $62.43, up about 0.5%. The company reported second-quarter net income of $1.1 billion, or $1.37 a share, compared with $4.2 billion, or $4.47 a share, in the year-ago period. Adjusted earnings were $1.92 a share, adjusted for purchase accounting. Revenue fell to $22.7 billion from $23.4 billion in the year-ago quarter, but the Round Rock, Texas-based company noted that consumer sales rose 18% to $3.2 billion, citing double-digit growth across consumer notebooks and gaming systems. Chief Financial Officer Tom Sweet attributed the gains to demand for remote-work and -learning solutions from education, government and consumer customers. Analysts surveyed by FactSet had forecast earnings of $1.38 a share on revenue of $22.48 billion.

Meanwhile, enterprise cloud company VMware Inc.
VMW,
-0.48%
,
in which Dell owns an 81% stake, saw its shares rise in extended trading after reporting what CEO Pat Gelsinger called solid results amid pandemic-related “uncertain times” on the strength of an increase in subscriptions and SaaS license revenue. Shares of the Palo Alto, Calif.-based company rose as much as 3% after hours, after closing down less than 0.5% to $142.90. VMware reported second-quarter net income of $447 million, or $1.06 a share, compared with $5 billion, or $12.47 a share, in the year-ago period that included a recorded tax benefit. Adjusted earnings were $1.81 a share, adjusted for stock-based compensation. Revenue rose to $2.88 billion from $2.63 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.45 a share on revenue of $2.8 billion.

Dell also mentioned that it is exploring a potential spinoff of VMware.

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