Shares of Dell Technologies Inc. jumped after the closing bell on Wall Street following the earnings announcement for the closing quarter of fiscal 2024, which showed better-than-expected results.

Despite the company's revenue seeing an 11% drop on an annual basis, the figure still came above market expectations, driven by rising demand for AI servers. "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," the company's vice chairman and chief operating officer, Jeff Clarke, said.

Dell's stock rallied 16.32% to $110.00 apiece in the extended trading hours.