Published on 1 Mar 2024 on Zacks via Yahoo Finance
Hewlett Packard (HPE) Q1 Earnings Beat Estimates, Sales Miss
Hewlett Packard Enterprise HPE reported mixed first-quarter fiscal 2024 results, wherein the bottom line surpassed the Zacks Consensus Estimate but the top line missed the same.
Hewlett Packard reported non-GAAP earnings of 48 cents per share for the first quarter, which beat the Zacks Consensus Estimate by 6.3%. The bottom line came at the higher end of management’s guidance range of 42-50 cents per share. However, the reported figure was 23.8% lower than the year-ago quarter and down 8.3% sequentially, mainly due to lower revenues.
Revenues of $6.75 billion decreased 14% from the prior-year quarter and 8% sequentially. The top line missed the Zacks Consensus Estimate of $7.06 billion and fell short of management’s guidance range of $6.9-$7.3 billion. The annualized revenue run rate was up 41% year over year to $1.4 billion.