[ad_1]
Published: February 29, 2024 at 4:11pm ET
Shares of Hewlett Packard Enterprise Co. fell more than 5% in after-hours trading Thursday after the company posted a sharp decline in quarterly sales but improved profits.
“Despite the challenges posed by a softening network market and the timing of GPU transactions, HPE continues to deliver strong annual revenue run rate and gross margin momentum,” HPE Chief Financial Officer Marie Myers said in an interview. “I did it,” he said.
HPE…
Shares of Hewlett Packard Enterprise Co. fell more than 5% in after-hours trading Thursday after the company posted a sharp decline in quarterly sales but improved profits.
“Despite the challenges posed by a softening network market and the timing of GPU transactions, HPE continues to deliver strong annual revenue run rate and gross margin momentum,” HPE Chief Financial Officer Marie Myers said in an interview. “I did it,” he said.
HPE
HPE
reported fiscal first-quarter net income of $387 million, or 29 cents per share. In comparison, net income for the same period last year was $501 million, or 38 cents per share. Adjusted earnings were 48 cents per share.
The company’s sales fell 14% to $6.76 billion from $7.8 billion in the same period last year.
Analysts surveyed by FactSet had expected, on average, net income of 45 cents per share and revenue of $7.09 billion.
HPE expects second-quarter sales of $6.6 billion to $7 billion, while FactSet analysts expect sales of $7.1 billion.
HPE stock has fallen 2% over the past year, while the broader S&P 500 index SPX has
Increased by 28%.
[ad_2]
Source link
