(Bloomberg) -- Dell Technologies Inc. rallied 21%, reaching a record high, after reporting better-than-expected sales of personal computers and data center hardware, fueling hopes of a recovery in the market for corporate technology.

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Though fiscal second-quarter revenue dropped 13% to $22.9 billion, that far exceeded the $20.8 billion average projection of analysts surveyed by Bloomberg. Excluding some items, profit was $1.74 a share, Dell reported Thursday, handily beating the average estimate of $1.14.

The company also said demand for products that help businesses use artificial intelligence is a “long-term tailwind.”

The shares rose to $68.19 at the close Friday in New York, marking the biggest single-day gain since December 2018 — when Dell reemerged as a publicly traded entity after a five-year stretch as a private company. With Friday’s jump, the stock has gained 70% this year.

“We are encouraged with some of the signs we are seeing in the macro environment as we move into the second half,” Chief Operating Officer Jeff Clarke said during a conference call after the results. “The demand environment improved at a faster rate than we anticipated, particularly as we moved into June and July.”

Chief Financial Officer Yvonne McGill said the company projects revenue of about $23 billion in the current quarter ending in October, which would top analysts’ average estimate of $21.7 billion. For the full year, Dell raised its sales forecast to $89.5 billion to $91.5 billion, which would be about an 12% decline from a year earlier. Analysts, on average, estimated $86.9 billion, or a 15% drop. While there are signs that demand from small businesses and government clients is stabilizing, the largest customers continue to show “measured” buying, McGill said.