Hewlett Packard Enterprise Company (NYSE:HPE) shares are trading lower after the company reported first-quarter FY24 earnings results.
Revenue fell 14% Y/Y to $6.76 billion, missing the consensus of $7.11 billion.
Server revenue declined 23% Y/Y to $3.4 billion, Hybrid Cloud revenue was down 10% Y/Y to $1.2 billion, and Intelligent Edge revenue rose 3% Y/Y to $1.2 billion. Meanwhile, Financial Services revenue remained stable Y/Y at $873 million.
Annualized revenue run-rate (ARR) rose 42% Y/Y (+41% Y/Y in constant currencies) to $1.4 billion.
Adjusted gross margin expanded 200 basis points Y/Y …