---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/36725604.md"
description: "DELL Quick Interpretation: This quarter met expectations, and the guidance for the next quarter is more optimistic. The company's revenue this quarter increased by $2.7 billion year-on-year, entirely driven by the AI server business. Excluding the AI business, traditional business remained flat year-on-year, with the main highlight still being the AI business. Compared to this quarter's data, the guidance for the next quarter is even more of a 'pleasant surprise.' The company has raised its guidance for the next quarter to $31-32 billion (previously below $30 billion), which will undoubtedly bring more confidence to the market. Considering the company's AI business order situation, the backlog orders for this quarter have significantly increased to $18.4 billion.  Dolphin Research estimates that next quarter's AI server revenue will increase to over $9 billion (an increase of more than $3.5 billion quarter-on-quarter), which is also the main reason for the raised guidance for the next quarter. Previously, the company had raised its long-term guidance at an investor conference, which once pushed the stock price to around $170. However, due to factors such as rising storage prices and fluctuations in AI sentiment, the market has had some concerns about the achievability of the company's long-term guidance.  With this 'impressive' AI order situation, confidence in the company will be boosted once again. For more content, please follow Dolphin Research's subsequent reviews and management discussions. $Dell Tech(DELL.US)"
datetime: "2025-11-25T23:38:51.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/36725604.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/36725604.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/36725604.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# DELL Quick Interpretation: This quarter met expect…


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- [DELL.US](https://longbridge.com/en/quote/DELL.US.md)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**