HP Enterprise stock drops following disappointing 2024 earnings forecast

HPE forecasts $1.82 to $2.02 a share, while Street expects $2.15 a share

Hewlett Packard Enterprise Co. shares fell in the extended session Thursday after the company’s forecast for fiscal 2024 fell short of expectations.

HPE HPE, -2.28% shares dropped as much as 4% after hours, following a 2.3% decline to close Thursday’s regular session at $16.30. For fiscal 2024, HPE said it expects adjusted earnings of $1.82 to $2.02 a share, while analysts surveyed by FactSet had forecast, on average, $2.15 a share. The company also forecast revenue growth of 2% to 4% in 2024, while analysts expect $29.63 billion, or 1.6% above their current consensus estimate for 2023 of $29.15 billion.

For the current fiscal year, HPE forecasts revenue to growth 4% to 6%, and adjusted earnings of $2.11 to $2.15 a share. Analysts expect $2.14 a share.As of Thursday’s close, HPE shares were up 2.1% for the year, while the S&P 500 index SPX is up 11.4% over the same period.

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