Why Hewlett Packard Enterprise Stock Jumped Today

Shares of Hewlett Packard Enterprise (NYSE: HPE) have jumped today, up by 5% as of 12:30 p.m. EDT, after the company reported fiscal Q3 earnings. The results and guidance for the current quarter beat expectations.

Revenue in the fiscal third quarter came in at $6.8 billion, which was ahead of the $6.1 billion in sales that Wall Street was modeling for. That resulted in adjusted earnings per share of $0.32, also topping the consensus estimate of $0.23 per share in adjusted profit. The tech company's annualized revenue run rate (ARR) increased 11% to $528 million. HPE said it had reduced its backlog by $500 million thanks to improved supply chain execution.

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Source Fool.com