Hewlett Packard stock dips after mixed quarterly results

Hewlett Packard Enterprise Company (NYSE: HPE) released earnings results for Q1 of fiscal 2024 after the US market closed on Thursday.

The American information technology company reported revenue of $6.8 billion for the three months ending on 31/1/24 vs. $7.089 billion estimate. Revenue was down by 14% year-over-year.

Earnings per share (EPS) was reported at $0.48  vs. $0.449 per share expected. EPS decreased by 24% vs. the same period the year prior.

Company overview

• Founded: 2015
• Headquarters: Spring, Texas, United States
• Number of employees: 62,000 (2023)
• Industry: Information technology
• Key people: Patricia Russo (Chairwoman), Antonio Neri (President and CEO)

CEO commentary

“HPE exceeded our profitability expectations and drove near-record year-over-year growth in our recurring revenue in the face of market headwinds, demonstrating the relevance of our strategy,” CEO of the company, Antonio Neri said in a press release. 

“Despite a mixed quarter, I remain very confident that our focus on customer-centric innovation and our track record of operational discipline will allow us to capitalize on the significant market opportunities in AI as well as across edge and hybrid cloud and to deliver value to our shareholders,” Neri ended his statement to investors.

Stock reaction

Shares were up by 2.49% at the end of Thursday’s session before the latest results were announced, trading at $15.23 a share.

The stock dipped by around 2% in the after-hours trading.

Stock performance

• 5 day: +0.76%
• 1 month: -1.14%
• 3 months: -10.20%
• Year-to-date: -10.57%
• 1 year: -2.03%

Hewlett Packard stock price targets

• Sandford C. Bernstein: $17
• Barclays: $15
• Morgan Stanley: $16
• Raymond James: $20
• Bank of America: $19
• Wells Fargo & Company: $21
• Credit Suisse Group: $20
• Citigroup: $18
• Deutsche Bank: $15
• The Goldman Sachs Group: $15

Hewlett Packard Enterprise Company is the 924th largest company in the world with a market cap of $19.65 billion, according to CompaniesMarketCap.

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Sources: Hewlett Packard Enterprise Company, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap