HPE, or Hewlett Packard Enterprise, has reported its financial performance for the third quarter of the company’s 2024 fiscal year, ending in July. Total revenue increased by 10% compared to the same quarter in the previous year, reaching $7.71 billion. Net profit according to GAAP accounting standards was $512 million, and Annual Recurring Revenue (ARR) grew by 35% to $1.7 billion.
Antonio Neri, CEO of HPE, stated that the revenue growth from AI-related products and services reflects the company’s Edge-to-Cloud strategy, which includes networking devices, hybrid cloud solutions, and AI technologies driving profits for shareholders. Server group revenue increased by 35% to $4.28 billion, Intelligent Edge decreased by 23% to $1.121 billion, Hybrid Cloud decreased by 7% to $1.3 billion, and Financial Services group revenue increased by 1% to $879 million.
TLDR: HPE reported a 10% revenue increase in Q3 2024, with significant growth in AI-related products and services contributing to overall profitability.
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