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HP Enterprise's revenue, profit beat estimates
March 3, 2016 / 9:42 PM / 2 years ago

HP Enterprise's revenue, profit beat estimates

(Reuters) - Hewlett Packard Enterprise Co, which houses former Hewlett-Packard Co’s corporate hardware and services division, reported better-than-expected quarterly revenue and profit, helped by strength in its hardware business.

Signs for Hewlett Packard Enterprise Co. cover the facade of the New York Stock Exchange November 2, 2015. REUTERS/Brendan McDermid

Hewlett Packard Enterprise’s (HPE) shares were up 6.4 percent at $14.47 in extended trading on Thursday.

Revenue in HPE’s enterprise group business, from which it derives more than half of its total revenue, rose about 1 percent to $7.1 billion in the first quarter ended Jan. 31, from a year earlier.

The company, which is headed by Margaret Whitman, also maintained its 2016 adjusted profit forecast of $1.85-$1.95 per share.

Net earnings fell to $267 million, or 15 cents per share, in the first quarter ended Jan. 31 from $547 million, or 30 cents per share, a year earlier.

After adjustments, the company earned 41 cents per share.

The company’s revenue fell to $12.72 billion from $13.05 billion.

Analysts on average had expected earnings of 40 cents per share and revenue of $12.68 billion.

Reporting by Alan John Koshy in Bengaluru; Editing by Maju Samuel

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