HP Enterprise’s stock price movement
Hewlett Packard Enterprise (HPE) reported mixed results for the second quarter of fiscal 2019 on May 23 after the market bell. The stock price slid nearly 1% in after-hours trading. Meanwhile, HP Enterprise raised its earnings forecast for fiscal 2019.
HP Enterprise stock has gained ~9.7% on a year-to-date basis versus the S&P 500’s gain of 12.7%. Cisco Systems (CSCO) has increased 27.2% in the same period, while HP Inc (HPQ), Juniper (JNPR), Nokia (NOK), other hardware stocks, have declined ~1.3%, ~5.7%, and ~9.1%, respectively, in the year-to-date period as of May 24.
HPE came out with upbeat earnings results in the second quarter, wherein adjusted earnings of $0.42 per share exceeded analysts’ expectations of $0.37 per share as well as company’s expected range of $0.34 to $0.38 per share. Earnings were 42% year-over-year higher in Q2.
HPE’s revenues reached $7.15 billion in Q2. Revenue slightly missed the estimates of $7.4 billion and also fell ~4.3% YoY in the second quarter due to currency headwinds. Excluding currency, revenues of this information technology products and services provider declined 2% YoY in Q2.