HPE Sales Plummet
It’s not only Hewlett Packard’s PC business that is failing the other HP business, Enterprise’s IT business, which makes storage and datacentre networking products, reported sales fell 10.5% last quarter, while its unit that makes wireless network products posted a 6.5% drop. The company had previously warned of uneven demand, due to US-China trade tensions.
Hewlett Packard Enterprise, mostly known for its computer servers, has seen its shares rise 32% this year as it became a leaner, meaner outfit. But HPE’s revenue disappointed the market, falling 9.2% to US$7.22 billion.
The company posted net earnings of $480 million for Q4, compared with a loss of $757 million a year earlier.