Stock Market Today, June 1: Hewlett Packard Enterprise Jumps After Beating Revenue and Earnings Forecasts
Hewlett Packard Enterprise (NYSE:HPE), which provides servers, storage, networking, and AI solutions for businesses, closed Monday at $47.06, up 9.35%. The stock moved even higher after hours, following HPE's impressive earnings and guidance beats. As of 4:30 p.m. ET, HPE stock is up roughly 30% in after-market trading. Trading volume reached 75.6 million shares, about 287% above its three-month average of 19.6 million shares. Hewlett Packard Enterprise IPO'd in 2015 and has grown 389% since going public.
How the markets moved today
The S&P 500 added 0.27% to finish Monday’s session at 7,600, while the Nasdaq Composite rose 0.42% to close at 27,087. Within enterprise technology solutions, Dell Technologies closed at $465.96, gaining 10.70%, and NetApp finished at $179.70, up 3.10%, underscoring strong interest in AI-focused infrastructure providers.
What this means for investors
Despite already rising 13% on Friday (buoyed by its main peer, Dell’s impressive results), and moving 9% higher during market hours today, Hewlett Packard Enterprise has soared again after hours on the back of some truly impressive Q2 earnings results.
HPE’s revenue and EPS rose 40% and 108%, respectively, as the company continued to be a beneficiary of the AI boom. Both the company’s AI orders and AI backlog nearly doubled compared to last year, and traditional server orders more than doubled versus last year, “as customers modernize compute infrastructure and invest in AI inferencing.”
Despite its share price surge over the last two trading days, HPE still only trades at 18 times forward earnings.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hewlett Packard Enterprise and NetApp. The Motley Fool has a disclosure policy.
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