Market Movements - US stock index futures are all up, with Dow futures rising by 0.05%, S&P 500 futures by 0.17%, and Nasdaq futures by 0.36% [1] - European indices also show positive movement, with Germany's DAX up by 0.52%, UK's FTSE 100 up by 0.07%, France's CAC40 up by 0.28%, and the Euro Stoxx 50 up by 0.39% [2][3] Commodity Prices - WTI crude oil has decreased by 0.12%, trading at $59.60 per barrel, while Brent crude oil has fallen by 0.06%, trading at $63.22 per barrel [4] Economic Data and Events - The market is focused on the upcoming release of the September Personal Consumption Expenditures (PCE) price index, which is considered a key inflation indicator by the Federal Reserve. The overall PCE index is expected to show a year-over-year increase of 2.8% and a month-over-month increase of 0.3%, while the core PCE index is anticipated to rise by 2.9% year-over-year and 0.2% month-over-month [5] Company News - Apple is facing a wave of executive departures, including its General Counsel and Policy Chief, as well as a top designer who has joined Meta. This trend of talent loss is seen as a potential risk to Apple's innovation capabilities [9][10] - Hewlett Packard Enterprise (HPE) reported a 14% year-over-year revenue increase to $9.7 billion, but fell short of market expectations. The company anticipates revenue for the first fiscal quarter to be between $9 billion and $9.4 billion, which is below market expectations [11] - DocuSign reported better-than-expected Q3 earnings, with adjusted EPS of $1.01 and revenue growth of 8.4% to $818.35 million. The company has raised its full-year revenue guidance [12] - Warner Bros. Discovery is reportedly in exclusive negotiations to sell its film and TV studio and HBO Max streaming service to Netflix, with a potential $5 billion breakup fee if the deal does not receive regulatory approval [13] - SoFi Technologies is seeking to raise $1.5 billion through a discounted stock offering, leading to a pre-market drop of over 7% in its stock price [13]

Core Viewpoint - Hewlett Packard Enterprise Co (HPE) has provided a sales outlook for the current quarter that falls short of market expectations for its AI server business, resulting in a stock price drop of over 9% in pre-market trading [1][4]. Financial Performance - For the fourth fiscal quarter ending October 31, 2025, HPE reported total revenue of $9.7 billion, a year-over-year increase of 14%, but below the average analyst expectation of approximately $9.9 billion [5][6]. - The adjusted earnings per share for the fourth fiscal quarter reached $0.62, exceeding analyst expectations and significantly higher than the previous year's $0.04 [5][6]. - Free cash flow for the fourth fiscal quarter was approximately $1.9 billion, a substantial increase from $420 million in the same period last year [5]. Margin Improvement - HPE's GAAP gross margin was reported at 33.5%, an increase of 270 basis points year-over-year and 430 basis points quarter-over-quarter [6]. - The Non-GAAP gross margin was 36.4%, reflecting a year-over-year increase of 550 basis points and a quarter-over-quarter increase of 650 basis points [6]. Sales Outlook - HPE expects revenue for the upcoming quarter to be between $9 billion and $9.4 billion, which is below the Wall Street analyst average expectation of approximately $9.88 billion [4]. - The company reaffirmed its revenue guidance for fiscal year 2026, projecting a growth range of 17% to 22% [4]. AI Server Demand - Despite the current sales outlook, HPE continues to see strong demand for AI servers, particularly from sovereign government agencies and large cloud computing clients [6][7]. - Some large AI server orders have been delayed until the 2026 calendar year, impacting the current quarter's sales forecast [4][5]. Strategic Partnerships - HPE is collaborating with AMD and Broadcom to enhance its AI server offerings, which are expected to drive significant revenue growth [8][9]. - The partnership aims to integrate AMD's "Helios" rack-level AI computing architecture and a specialized HPE Juniper Networking high-performance switch, providing a cost-effective and efficient AI computing solution [8][9]. Future Growth Potential - HPE's acquisition of Juniper Networks for approximately $13 billion is expected to bolster its network business, which is seen as a key pillar for future growth [7]. - The company is positioning itself as a central player in the AI server market, leveraging its partnerships and acquisitions to enhance its product offerings and market reach [7][9].

Core Insights - Hewlett Packard Enterprise (HPE) reported a revenue of $9.7 billion for Q4 2025, marking a 14% increase from $8.4 billion in the same quarter last year [1] - The annualized revenue run-rate (ARR) increased to $3.2 billion, reflecting a 63% year-on-year growth in actual dollars and 62% in constant currency [1] - HPE experienced a loss from operations of $8 million in Q4 2025, contrasting with earnings of $693 million in the same quarter a year ago [1] Financial Performance - Cash flow from operations was $2.465 billion, an increase of $435 million year-on-year, while free cash flow totaled $1.92 billion, up $420 million compared to last year [2] - The company returned $271 million to common shareholders through dividends and share repurchases [2] - HPE's president and CEO, Antonio Neri, highlighted a strong fourth quarter of profitable growth and disciplined execution [2] Segment Performance - Server revenue was $4.5 billion, down 5% from the same period last year, with an operating profit margin of 9.8%, down from 11.6% [3] - Networking revenue surged to $2.8 billion, up 150%, with an operating profit margin of 23%, slightly down from 24.4% [3] - Hybrid Cloud revenue decreased to $1.4 billion, down 12%, with an operating profit margin of 5%, compared to 7.8% last year [4] - Financial Services revenue remained steady at $889 million, down 2% in constant currency, with an operating profit margin rising to 11.5% from 9.2% [4] Future Outlook - For Q1 of fiscal year 2026, HPE expects revenue between $9 billion and $9.4 billion [5] - HPE's executive vice president and chief financial officer, Marie Myers, noted operational discipline in Q4, resulting in record gross profit and robust non-GAAP operating profit [5] - The company is confident in raising its FY26 diluted net earnings per share guidance and the midpoint of its FY26 free cash flow guidance due to disciplined spending and ongoing cost management initiatives [6]

Market Overview - U.S. stock futures showed mixed performance after a mixed close on Thursday, with major indices fluctuating [1] - Investors are awaiting the September PCE price index, a key inflation measure delayed by a government shutdown [1] Employment Data - U.S. job cuts decreased by 53% month-over-month in November, totaling 71,321, which is still 24% higher than the previous year, indicating a cautious labor market [2] - The 10-year Treasury bond yield is at 4.11%, while the two-year bond yield is at 3.53%, with an 87% likelihood of a Federal Reserve interest rate cut in December [2] Stock Performance - Netflix Inc. (NASDAQ:NFLX) fell 0.52% in premarket trading despite winning a bidding war, with a weaker price trend noted [6] - Hewlett Packard Enterprise Co. (NYSE:HPE) dropped 9.17% after mixed Q4 results and weak Q1 guidance, with revenue at $9.68 billion, below estimates [6] - Cooper Companies Inc. (NASDAQ:COO) rose 12.94% after exceeding Q4 expectations and providing strong FY26 guidance, maintaining a stronger price trend [6] - Zumiez Inc. (NASDAQ:ZUMZ) increased by 14.09% after reporting strong Q3 results and a positive Q4 outlook, showing a stronger price trend [14] - SMX (Security Matters) PLC (NASDAQ:SMX) surged 43.52% after approving all proposals at its annual general meeting, although it has a weaker price trend in the medium and long term [14] Sector Performance - Industrials and information technology sectors closed higher, while consumer staples, healthcare, and consumer discretionary sectors faced significant losses [8] - The Nasdaq Composite gained around 50 points ahead of the anticipated Federal Reserve rate cut [8] Economic Indicators - Upcoming economic data includes September's personal income, spending, and PCE Index, with releases scheduled for 8:30 a.m. ET [13] - December's preliminary consumer sentiment data will be available at 10:00 a.m., and consumer credit data for October will be released at 3:00 p.m. ET [15] Commodities and Global Markets - Crude oil futures increased by 0.08% to approximately $59.72 per barrel, while gold prices rose by 0.36% to around $4,224.10 per ounce [16] - Asian markets closed higher, except for Japan's Nikkei 225, with European markets also showing gains in early trade [17]

Earnings Reports - Victoria's Secret & Co. (NYSE:VSCO) is expected to report a quarterly loss of 59 cents per share on revenue of $1.41 billion [2] - Hewlett Packard Enterprise Co. (NYSE:HPE) reported a 14% year-over-year revenue increase to $9.68 billion, below estimates of $9.94 billion, with adjusted earnings of 62 cents per share, exceeding estimates of 58 cents per share [2] - MoneyHero Ltd. (NASDAQ:MNY) is anticipated to post a quarterly loss of 2 cents per share on revenue of $20.82 million [2] - Cooper Companies Inc. (NASDAQ:COO) reported better-than-expected fourth-quarter results and provided FY26 guidance above estimates [2] - Zumiez Inc. (NASDAQ:ZUMZ) reported quarterly earnings of 55 cents per share, surpassing the analyst consensus estimate of 24 cents per share, with quarterly sales of $239.132 million, exceeding the consensus estimate of $233.544 million [2] Stock Performance - Victoria's Secret shares rose 2.2% to $42.50 in after-hours trading [2] - Hewlett Packard Enterprise shares dipped 9.3% to $20.77 in after-hours trading [2] - MoneyHero shares increased by 1.3% to $1.62 in after-hours trading [2] - Cooper Companies shares jumped 13% to $87.01 in after-hours trading [2] - Zumiez shares climbed 14.1% to $31.10 in after-hours trading [2]

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慧与科技(HPE.US)夜盘跌超9%，报20.83美元。消息面上，慧与科技公布第四财季业绩，营收同比增长 14%至96.8亿美元，低于分析师预期的99亿美元；调整后每股盈利0.62美元，则高于分析师预期的0.58 美元。公司录得20亿美元AI服务器新订单，低于预期。该公司预期截至明年1月的季度营收将介乎90亿 至94亿美元，调整后每股盈利将介乎0.57至0.61美元，分析师平均预期分别为98.8亿美元和0.53美元。 (格隆汇) ...

Core Viewpoint - Hewlett Packard Enterprise (HPE) reported its Q4 FY2025 earnings, showing significant gross margin improvement but provided revenue guidance below Wall Street expectations, indicating challenges in AI server sales due to delays in large transactions until 2026 [1][2]. Financial Performance - For Q4 FY2025, HPE's total revenue reached $9.7 billion, a 14% year-over-year increase, but fell short of the analyst consensus of approximately $9.9 billion [2][3]. - Adjusted earnings per share for Q4 were $0.62, exceeding analyst expectations and significantly higher than the previous year's $0.04 [2]. - Free cash flow for the quarter was approximately $1.9 billion, a substantial increase from $420 million in the same period last year [2]. Gross Margin Improvement - HPE's GAAP gross margin was 33.5%, up 270 basis points year-over-year and 430 basis points quarter-over-quarter [3]. - Non-GAAP gross margin was 36.4%, reflecting a 550 basis point increase year-over-year and a 650 basis point increase quarter-over-quarter [3]. Future Outlook - HPE expects Q1 revenue to be between $9 billion and $9.4 billion, which is below the analyst average estimate of $9.88 billion [2]. - The company reaffirmed its revenue guidance for FY2026, projecting a growth range of 17% to 22% [2]. AI Server Demand - Demand for AI servers remains strong, particularly from sovereign government agencies and large cloud computing clients, although order delivery times may extend due to the scale of some orders [3][4]. - HPE's CEO noted that delays in significant transactions, such as a large European deal and a U.S. government collaboration, were primarily due to readiness issues and federal government shutdowns [2][3]. Strategic Partnerships - HPE is collaborating with AMD and Broadcom to enhance its AI server offerings, integrating AMD's "Helios" architecture and a specialized HPE Juniper Networking switch [6][7]. - This partnership aims to provide a cost-effective and efficient alternative to NVIDIA's solutions, catering to major cloud providers and sovereign AI builders [7].

Core Insights - Hewlett Packard Enterprise (HPE) reported quarterly earnings of $0.62 per share, exceeding the Zacks Consensus Estimate of $0.59 per share, and up from $0.58 per share a year ago [1] - The company achieved an earnings surprise of +5.08% for the quarter, having surpassed consensus EPS estimates three times in the last four quarters [2] - HPE's revenues for the quarter were $9.68 billion, which fell short of the Zacks Consensus Estimate by 2.63%, but represented an increase from $8.46 billion year-over-year [3] Earnings Performance - The earnings surprise of +5.08% indicates strong performance relative to expectations [2] - HPE's revenue growth year-over-year was approximately 14.4% [3] - The company has consistently exceeded consensus revenue estimates three times in the last four quarters [3] Stock Performance and Outlook - HPE shares have increased by about 4.3% since the beginning of the year, while the S&P 500 has gained 16.5% [4] - The future performance of HPE's stock will largely depend on management's commentary during the earnings call and the subsequent earnings outlook [4][5] - Current consensus EPS estimate for the upcoming quarter is $0.54, with expected revenues of $9.89 billion, and for the current fiscal year, the estimates are $2.31 on $40.87 billion in revenues [8] Industry Context - HPE operates within the Zacks Computer - Integrated Systems industry, which is currently ranked in the top 11% of over 250 Zacks industries [9] - The performance of HPE's stock may be influenced by the overall outlook for the industry, as top-ranked industries tend to outperform lower-ranked ones significantly [9]

Financial Data and Key Metrics Changes - Q4 revenue reached $9.7 billion, a 14% increase year-over-year, with non-GAAP operating profits growing 26% year-over-year [5][25] - Non-GAAP operating margin was a record high at 12.2%, with non-GAAP diluted net earnings per share of $0.62, exceeding guidance [5][29] - Full-year revenue for fiscal 2025 was $34.3 billion, also a 14% increase year-over-year, with non-GAAP diluted net earnings per share at $1.94 [9][25] Business Line Data and Key Metrics Changes - Networking revenue increased 51% year-over-year to $6.9 billion, significantly aided by the acquisition of Juniper Networks [9][10] - Server segment revenue grew 10% year-over-year, with strong demand for AI systems leading to $6.8 billion in new AI system orders [12][14] - Hybrid cloud revenue grew 5% year-over-year, with approximately 7,000 new customers added to GreenLake [14][29] Market Data and Key Metrics Changes - Total company annualized revenue run rate (ARR) reached $3.2 billion, up 62% year-over-year, reflecting strong performance in GreenLake and software solutions [14][29] - Orders for private cloud solutions increased more than 20% year-over-year, indicating strong market demand [16] Company Strategy and Development Direction - The company aims to build a new networking industry leader, capture AI infrastructure opportunities, and drive growth in high-margin software and services through GreenLake [7][21] - By fiscal year 2028, the company is committed to generating at least $3 in non-GAAP diluted net earnings per share and over $3.5 billion in free cash flow [8][21] - The integration of Juniper Networks is a top priority, with expectations of approximately $1 billion in annualized structural savings by fiscal 2028 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand environment, noting an acceleration in orders towards the end of the quarter [6][7] - The company is monitoring commodity cost inflation and expects to pass through most component cost increases while managing demand elasticity [38][75] - For fiscal year 2026, the company raised its non-GAAP diluted net EPS outlook range to $2.25 to $2.45, reflecting strong operational execution [41][42] Other Important Information - The company plans to sell its remaining 19% stake in H3C for approximately $1.4 billion, expected to close in the first half of calendar year 2026 [8][37] - The cash conversion cycle improved to 30 days, driven by strong collections and a decrease in inventory [36] Q&A Session Summary Question: EPS and free cash flow guidance increase while revenue guidance remains unchanged - Management indicated that the increase in EPS and free cash flow is driven by a stronger networking mix and better-than-expected cash flow from Juniper collections [48][52] Question: Acceleration in orders towards the end of the quarter - Management noted that the acceleration was seen across the entire portfolio, with strong performance in networking and Alletra MP storage [56][58] Question: Traction with as-a-service models and impact of Juniper on ARR - Management confirmed that the addition of Juniper significantly contributes to software subscription services, enhancing the ARR growth [63][67] Question: Thoughts on commodity pricing and demand elasticity - Management acknowledged the need for pricing adjustments due to rising DRAM costs and emphasized the importance of demand shaping strategies [70][75] Question: Clarification on seasonality and revenue outlook for Q1 - Management clarified that while there were push-outs of AI deals from Q4 to Q1, the Q1 revenue outlook aligns with historical seasonality [80]