Hewlett Packard Enterprise’s Revenue Declines After Separation

Hewlett Packard Enterprise Co. reported their fiscal fourth-quarter results on Tuesday, marking its first year as an independent company after Hewlett-Packard Co. had been split into two smaller companies a year ago.

The Palo Alto, Calif.-based company, which focused on the corporate computing market selling servers, networking equipment and services, said net income in its fourth fiscal quarter fell 78% on a 7.2% revenue decline. Annual revenue was reported to reach of $50.1 billion last quarter, which was down 4% from fiscal 2015. However, HPE claimed that revenue edged 2% higher year-over-year, when adjusted for divestitures and currency.

Shares of HP Enterprise declined nearly 2% in the after-hours trading as the company also forecast earnings for the current quarter were mostly below projections on Wall Street.

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