Hewlett Packard Q3 Profit Rises

(RTTNews) - Hewlett Packard Enterprise (HPE) Tuesday reported results for the third quarter, with both earnings and revenues increasing from last year. The company also revised outlook for the full year.

Net income for the third quarter rose to $409 million or $0.31 per share, up from $392 million or $0.29 per share last year. Adjusted earnings for the quarter were $0.48 per share, which was in line with analysts' consensus estimate.

Third-quarter revenues of $6.95 billion, up from $6.90 billion last year. Analysts had a consensus revenue estimate of $6.97 billion.

Intelligent Edge revenue was up 8% to $941 million, while High Performance Computing & Artificial Intelligence revenue were up 12% to $830 million. Compute revenue was $3.0 billion, down 3% from the prior-year period, while storage revenue was $1.2 billion, down 2%. Financial Services revenue was $817 million, down 3% from the prior-year period.

Further, Board of Directors declared a dividend of $0.12 per share, payable on October 7, 2022, to stockholders as of September 12.

Looking forward to the fourth quarter, Hewlett Packard expects earnings of $0.32 to $0.40 per share and adjusted earnings of $0.52 to $0.60 per share.

For the full year 2022, Hewlett Packard Enterprise now expects earnings of $1.20 to $1.28 per share and adjusted earnings of $1.96 to $2.04 per share. Previously, the company expected earnings of $1.17 to $1.31 and adjusted earnings of $1.96 to $2.10 per share.