Hewlett Packard Enterprise Raises Annual Profit Forecast

Feb 21 2019, 10:28 PMFeb 21 2019, 11:54 PMFebruary 21 2019, 10:28 PMFebruary 21 2019, 11:54 PM

(Bloomberg) -- Hewlett Packard Enterprise Co., a maker of server computers, raised its annual profit forecast, signaling that the company’s cost-cutting measures and spending on new technologies are starting to pay off.

Profit excluding some items will be $1.56 to $1.66 this year, an increase of 5 cents a share on both ends of the guidance, the San Jose, California-based company said Thursday in a statement. Wall Street projected $1.58 a share, according to data compiled by Bloomberg.

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Market Reaction

Shares rose about 3.3 percent in extended trading after closing at $16.23 in New York. The stock has climbed more than 23 percent this year.

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Read the statement here.