Technology firm Hewlett Packard Enterprise Company (NYSE: HPE) reported higher earnings for the first quarter of 2021, despite a decrease in revenues. The numbers surpassed the consensus forecast.
First-quarter earnings, adjusted for special items, rose to $0.52 per share from $0.50 per share in the corresponding period of last year. Net profit was $223 million or $17 per share, compared to $333 million or $0.25 per share recorded in the first quarter of 2020. The bottom-line also came in above estimates.
At $6.8 billion, revenues were down 2% year-over-year in the first three months of fiscal 2021. Analysts had predicted a bigger drop.
Shares of Hewlett Packard have gained 26% since the beginning of the year. The stock closed Tuesday’s session lower but gained in the after-hours trading following the earnings announcement.
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