Hewlett Packard Enterprise Company (NYSE: HPE) reported its financial results for the quarter ended April 30, 2020, on Thursday after the market closes. The results missed analysts’ expectations.
The company slipped to a loss in the second quarter of 2020 from a profit last year, due to lower revenue and the inclusion of non-cash write-down of legacy goodwill. The global economic lockdowns since February significantly impacted the company’s fiscal Q2 financial performance.
The top line fell by 16% due to supply chain constraints and delays in customer acceptance, which resulted in significantly higher levels of backlog, particularly in Compute, HPC & MCS, and Storage. Further, the company will not provide guidance for Q3 or full-year due to the increased level of uncertainty of the pandemic.
The board of directors approved a Cost Optimization and Prioritization Plan to prioritize investments and realign resources to areas of growth: Three-year plan, to be implemented through the fiscal year 2022; Estimated gross savings of at least $1 billion and annualized net run-rate savings of at least $800 million; and Expected cash funding payments of $1-1.3 billion.
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