HPE sales grow 4% to $7 bn in second-quarter

Hewlett Packard Enterprise (HPE) has reported revenue of $7 billion (+4 percent) for the second quarter ended April 30, 2023.
HPE revenue Q2 fiscal 2023-24
The latest research report from Gartner has indicated that worldwide IT spending is projected to grow 5.5 percent to $4,643.628 billion in 2023 with all regions projected to have positive IT spending growth in the current year.

“Building on a great start to the fiscal year, HPE grew revenue, increased the contribution of recurring revenue through the HPE GreenLake edge-to-cloud platform, and delivered exceptional profitability to generate a strong second quarter performance,” said Antonio Neri, president and CEO of Hewlett Packard Enterprise, in its earnings report.

“Our shift to a higher-margin portfolio mix led by the Intelligent Edge segment, and the strong demand for our AI offering, further strengthen the investment opportunity for our shareholders.”

Tarek Robbiati, executive vice president and CFO of Hewlett Packard Enterprise, said: “These results demonstrate that our strategy to pivot our portfolio to higher-growth, higher-margin areas is working – and that we are operating with discipline.”

Hewlett Packard Enterprise (HPE) has generated revenue of $1.3 billion (+50 percent) from Intelligent Edge, $840 million (+18 percent) from High Performance Computing & Artificial Intelligence (HPC & AI), $2.8 billion (down 8 percent) from Compute, $1 billion (down 3 percent) from Storage, and $858 million (+4 percent) from Financial Services.

HPE estimates Q3 fiscal 2023 revenue to be in the range of $6.7 billion to $7.2 billion, and fiscal 2023 revenue growth to be in the range of 4 percent-6 percent. The lower estimate indicates that HPE is struggling to enhance its revenue growth due to slow down in business.

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