HPE(US:HPE) 美股IPO·2025-12-05 11:56Core 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].