Dell Soars on Blowout Quarter While Intuit Stumbles Despite Beating on Both Lines

Two major tech earnings hit after the closing bell on Thursday. Dell Technologies (NYSE: DELL | DELL Price Prediction) delivered a blowout quarter and a stunning FY27 outlook, sending the stock sharply higher in premarket trading. Intuit (NASDAQ: INTU) beat on both the top and bottom line but its forward guidance disappointed, and shares are pulling back this morning despite the strong Q2 print.

Dell: AI Backlog Becomes the Story

Dell’s Q4 results and FY27 outlook drove the stock sharply higher in premarket trading. Infrastructure Solutions Group revenue grew 73% to $19.6 billion, the clearest sign yet that AI server demand is moving from backlog to billings.

Management issued a bullish FY27 outlook. Dell also disclosed a $43 billion AI server backlog, providing concrete visibility into next year’s ramp. In early premarket trading, DELL shares were up roughly 11.6%, compared to Thursday’s close of $121.45.

Dell Management Signals Confidence on AI Execution

CEO Jeff Clarke framed the quarter around demand outpacing prior expectations, pointing to the scale of AI orders booked and shipped as evidence the company is converting its infrastructure position into durable revenue. The $43 billion AI server backlog gives that confidence a quantitative anchor. The key question going forward is whether ISG margins hold as AI server mix continues to rise.

Intuit: A Beat Overshadowed by Guidance

Intuit’s Q2 results were strong in isolation. Revenue of $4.651 billion beat the $4.532 billion consensus by 2.62%, and non-GAAP EPS of $4.15 cleared the $3.68 estimate by nearly 13%. Operating income expanded 44% year over year, and the Online Ecosystem segment grew 21%, led by QuickBooks Online.

Guidance, however, fell short. Q3 non-GAAP EPS guidance of $12.45 to $12.51 came in below the consensus near $12.97, and the full-year outlook was reiterated at levels slightly below analyst models. Its shares were down roughly 4% in premarket trading, against Thursday’s close of $394.42.

What to Watch at the Open

For Dell, the key question is whether the pre-market gain holds as broader market sentiment is tested. The $43 billion AI server backlog gives analysts a clear basis for upward revisions. Watch for price target updates through the morning session. For Intuit, the Q3 EPS guidance gap will dominate. CEO Sasan Goodarzi’s confidence in the AI-driven platform strategy is clear, but investors will want to see whether the Q3 setup delivers before re-rating the stock.