HPE quarterly profit beats on demand for servers

Earnings


Source: Hewlett Packard Enterprise

New server racks in the Hewlett Packard Enterprise Executive Briefing Center feature the new branding.

Hewlett Packard Enterprise 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, 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.



Source link

Products You May Like

Articles You May Like

If your broker switches firms, weigh options before deciding to follow
Investors can get tax breaks for investing in opportunity zones: Treasury
A college degree is worth more in some cities than others
This retirement expense has hit $100,000 annually — and it’s rising
I’d pick Verizon’s stock over Kraft Heinz

Leave a Reply

Your email address will not be published. Required fields are marked *