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New Article: Hewlett Packard Enterprise’s Promising Artificial Intelligence Sales

Summary

Hewlett Packard Enterprise Co. (HPE) experienced a slight drop in stock value during after-hours trading on Tuesday after the technology giant released its quarterly results. The results were in line with analysts’ expectations, while also highlighting the promising sales of […]

New Article: Hewlett Packard Enterprise’s Promising Artificial Intelligence Sales

Hewlett Packard Enterprise Co. (HPE) experienced a slight drop in stock value during after-hours trading on Tuesday after the technology giant released its quarterly results. The results were in line with analysts’ expectations, while also highlighting the promising sales of artificial intelligence.

According to the report, HPE recorded a net profit of $642 million, or 49 cents per share, in the fourth quarter compared to a net loss of $304 million, or 23 cents per share, in the same quarter of the previous year. The adjusted earnings were 52 cents per share.

Revenues decreased by 7%, amounting to $7.35 billion compared to $7.87 billion in the same period the previous year.

Jeremy Cox, HPE’s Chief Financial Officer, stated in an interview, “We finished the fiscal year 2023 strong in an uneven IT market. We are noticing encouraging signals of continued demand in the market areas we prioritize, especially in artificial intelligence. We expect double-digit growth in the next three years.”

High Performance Computing & Artificial Intelligence (HPC & AI) sector revenues increased by 37%, reaching $1.2 billion compared to the same quarter of the previous year.

According to analyst estimates conducted by FactSet, the expected adjusted net income was 50 cents per share, with revenues of $7.4 billion. However, HPE offered first-quarter guidance with revenues ranging from $6.9 billion to $7.3 billion, while FactSet analysts projected revenues of $7.23 billion.

So far, HPE’s stocks have declined by 2.7% this year, while the broader S&P 500 (SPX) index has grown by 19%.

HPE’s board of directors also announced a regular cash dividend of 13 cents per share, which will be paid on January 11, 2024.

FAQ:

Q: What were Hewlett Packard Enterprise’s quarterly results?
A: In the fourth quarter, Hewlett Packard Enterprise recorded a net profit of $642 million, or 49 cents per share. Revenues amounted to $7.35 billion.

Q: What was the growth in the High Performance Computing & Artificial Intelligence sector?
A: Revenues from the HPC & AI sector increased by 37%, reaching $1.2 billion.

Q: What guidance did HPE offer for the first quarter?
A: HPE provided guidance with revenues ranging from $6.9 billion to $7.3 billion for the first quarter.

Q: When will HPE pay its cash dividend?
A: The cash dividend of 13 cents per share will be paid on January 11, 2024.

Sources:
– [FactSet](https://www.factset.com/)