Hewlett Packard Enterprise (NYSE:HPE) experienced a 7% surge in its share prices intra-day today after the company reported earnings that exceeded analysts’ expectations.

For the fourth quarter, the IT firm announced an earnings per share (EPS) of $0.52, which was slightly higher than the analyst prediction of $0.50. The company’s revenue for the quarter was $7.35 billion, a 7% decrease year-over-year, but still matching the Street estimate of $7.35 billion.

The company attributed its strong performance to strategic investments and innovation in key growth areas such as Edge computing, Hybrid Cloud, and Artificial Intelligence (AI). The company’s focused approach and consistent execution were also key factors in boosting its results. Furthermore, management noted promising signs of ongoing demand in its priority areas, particularly in AI.

Looking forward to the first quarter of 2024, HPE anticipates an EPS ranging from $0.42 to $0.50, compared to a Street estimate of $0.47. The expected revenue for this period is projected to be between $6.9 billion and $7.3 billion, below the Street estimate of $7.28 billion at the midpoint.

For the full fiscal year 2024, Hewlett Packard Enterprise forecasts an EPS between $1.82 and $2.02, which is in line with the Street estimate of $1.93.

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