May 22, 2018 / 8:16 PM / 7 months ago

HPE quarterly profit beats on demand for servers

A trader passes by the post where Hewlett Packard Enterprise Co., is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 25, 2016. REUTERS/Brendan McDermid

(Reuters) - Hewlett Packard Enterprise Co (HPE.N) reported a better-than-expected quarterly profit and raised its full-year earnings forecast on Tuesday, helped by higher demand for its servers, storage and networking equipment.

The company, created in 2015 from the breakup of Hewlett-Packard Co, said it now expects adjusted profit between $1.40 and $1.50 per share for 2018. The company had previously forecast profit of $1.35 to $1.45 per share.

Revenue from Hybrid IT division, which houses servers, storage and data center networking products, rose 7 percent to $6.02 billion in the quarter ended April 30.

Analysts on average had expected $6.07 billion, according to Thomson Reuters I/B/E/S.

Net profit was $778 million, or 50 cents per share, in the second quarter ended April 30, compared with a loss of $612 million, or 37 cents per share, a year earlier.

Excluding items, the company reported earnings of 34 cents per share, above analysts’ expectation of 31 cents per share.

Revenue rose about 10 percent to $7.47 billion.

Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva

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