Hewlett Packard Enterprise (NASDAQ: HPE) is comprised of the former HP’s Enterprise group (servers, storage, and networking), its software business, HP Services, and the Financial Services business. The company announced results for its first fiscal quarter and the results were in line with our expectation. (Fiscal years end with October.) The company reported that its revenues increased by 4% on a constant currency basis (down 3% as reported) to $12.7 billion in the first quarter. While revenues for enterprise group and financial services grew in constant currency, revenues for enterprise services and software declined despite a minor improvement in performance metrics such as the number of contracts signed. Acknowledging its first quarter as a separate company, management highlighted a range of new products across its businesses that demonstrate its innovation and strengthening market position. In this note, we review the results in detail.

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