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Hewlett Packard stock dips after mixed quarterly results

1 March 2024 By Klavs Valters

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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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GO Markets offers pre-market and after-market trading on popular US Share CFDs.

Why trade during extended hours?

  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
  • Reduce your risk and hedge your existing positions ahead of a new trading day
  • Extended trading hours on popular US stocks means extended opportunities

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

Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.