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Hewlett Packard Enterprises Plunges

Hewlett Packard Enterprise (NYSE:HPE) fell Wednesday on the back of mixed quarterly numbers. The company earned an adjusted 52 cents per share, beating a Refinitiv forecast of 48 cents per share. However, revenue of $6.97 billion was below a consensus estimate of $7.31 billion.

A consensus of analysts estimated that HP Enterprise would earn 48 cents per share on $7.3 Billion in revenue.

Looking ahead, HP Enterprise said it expects fiscal third-quarter revenue to be between $6.7 Billion and $7.2 Billion, with full-year revenue to grow between 4% and 6%, down from a prior view of 5% to 7%.

Third-quarter earnings, excluding one-time items, are forecast to be between 44 and 48 cents per share, while the company expects full-year earnings to be between $2.06 and $2.14 per share, up from a prior view of $2.02 to $2.10 per share, excluding one-time items.

The company is also targeting GAAP operating profit growth to be between 180% and 184%, while adjusted operating profits are forecast to be between 6% and 7%.
HP Enterprise reiterated its full-year free cash flow guidance between $1.9 Billion and $2.1 Billion.

According to CEO Antonio Neri, “Building on a great start to the fiscal year, HPE grew revenue, increased the contribution of recurring revenue through the HPE GreenLake edge-to-cloud platform, and delivered exceptional profitability to generate a strong second quarter performance. Our shift to a higher-margin portfolio mix led by the Intelligent Edge segment, and the strong demand for our AI offering, further strengthen the investment opportunity for our shareholders.”

HPE shares staggered $1.20, or 7.7%, to $14.32.