Hewlett Packard Enterprise Co (NYSE:HPE) stock dropped during after-hours trading Thursday, following a disappointing forecast for fiscal year 2024.
The company's shares were down nearly 4% on Friday morning in premarket trading at around $15.70.
HPE's projections for fiscal 2024 indicate expected adjusted earnings in the range of $1.82 to $2.02 per share, which falls below the average analyst expectation of $2.15 per share, according to FactSet.
Additionally, the company anticipates revenue growth of 2% to 4% in 2024, whereas analysts had a higher estimate of $29.63 billion, slightly above the current consensus estimate for 2023 at $29.15 billion.
For the current fiscal year, HPE's outlook is for revenue to grow between 4% and 6%, with adjusted earnings expected to range from $2.11 to $2.15 per share, closely aligned with analysts' projections of $2.14 per share.
In contrast, HPE had reported slightly better-than-expected third-quarter earnings results in August. At the close of Thursday's trading, HPE shares were up 2.1% for the year, while the broader S&P 500 index had risen by 11.4% over the same period.