Dell Technologies (NASDAQ:DELL) stock surged to a record high of $514 this week and then pulled back to $490. It has jumped by 292% this year, bringing its valuation to over $317 billion and Michael Dell’s net worth to $245 billion, making him the fifth-richest person in the world.
Dell Stock May Have More Upside After Lenovo and Supermicro Earnings
Dell stock soared after the strong earnings reports by top companies Lenovo Group and Super Micro Computer (NASDAQ:SMCI), two of its top competitors.
Lenovo, which sells similar products to Dell like PCs, storage, and servers, said that its revenue jumped by 43% to $26.9 billion, while its gross profit margin expanded to 16.5%. Its operating profit also continued rising, helped by its Intelligent Devices Group segment whose revenue soared by 27% to $17 billion.
Super Micro Computer, on the other hand, said that its revenue jumped to $11.1 billion, with its net income soaring to $1.17 billion.
