Shares of Newly Formed HP Enterprise Rises as Its CEO Reassure About Strong Demand
Shares of the newly formed Hewlett Packard Enterprise climbed as CEO, Meg Whitman reassured the investors regarding the strong demand for corporate technology in the company's inaugural earnings report. It also provided justification for her move that lead to spinning off Hewlett-Packard into two companies.
Whitman, profit forecasts for the ongoing quarter is likely to surpass some analysts' estimate. On Thursday, the company reported its first quarter earnings which surpassed projections. This is the first time the company reported its earnings as a standalone entity.
In November, Hewlett-Packard which is one of Silicon Valley's pioneers was split into two, with HP Enterprise being the larger among the two companies based on their market valuation. Now, Whitman has a task in hand to prove that she has the ability to build a momentum with higher profits and stronger growth with competitions like Dell Inc.
In an interview Whitman said, "We're starting to see now the real benefits of focus. What the split has allowed us to do is to accelerate the turnaround of Hewlett Packard Enterprise and focus on a smaller number of things."
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