Business

HPE rises on revenue growth

Hewlett Packard Enterprise stock rose on Tuesday after the company reported better-than-expected earnings for the third quarter of its 2018 fiscal year, which ended on July 31. The company will hold a conference call with analysts to discuss the results at 5 p.m. Eastern time.

Here’s how HPE did in the quarter:

  • Earnings: 44 cents per share, excluding certain items, vs. 37 cents as expected by analysts, according to Thomson Reuters.
  • Revenue: $7.76 billion, vs. $7.68 billion as expected by analysts, according to Thomson Reuters.

Overall, HPE’s revenue was up 3.5 percent year over year, according to a statement. This was the company’s fifth consecutive quarter of revenue growth after a string of declines.

The biggest portion of HPE’s revenue comes from its Hybrid IT business segment — including compute, storage, and data center networking products — came in at $6.24 billion, above the FactSet analyst consensus of $6.16 billion. The Intelligent Edge segment, including Aruba, came in at $785 million, above the FactSet analyst consensus of $766.3 million.

With respect to guidance, HPE said it’s expecting to report 39 to 44 cents in earnings per share, excluding certain items, in its fiscal fourth quarter. Analysts had expected 42 cents in earnings per share for the fiscal fourth quarter, according to Thomson Reuters.

In the fiscal third quarter HPE announced a commitment to invest $4 billion in “Intelligent Edge” technologies and services over the next four years.

HPE stock is up 16 percent since the beginning of the year.

Also on Tuesday HPE announced the appointment of a new chief financial officer, Tarek Robbiati, who replaces Tim Stonesifer. Robbiati most recently spent two and a half years as chief financial officer of Sprint.

This is breaking news. Please check back for updates.

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