The figures largely exceeded the estimates of Wall Street analysts. GAAP profit in the fiscal-third-quarter outlook came up short of expectations.
For the quarter ended April 30, HP Enterprise earned 19 cents a share compared with a loss of 64 cents a share in the year-earlier quarter. The latest adjusted earnings were 46 cents a share. Shares outstanding climbed 3.1% to 1.33 billion.
Revenue reached $6.76 billion from $6.01 billion.
A survey of analysts by FactSet produced consensus estimates of GAAP earnings of 11 cents a share, or an adjusted 42 cents a share, on revenue of $6.61 billion.
The company earlier had estimated GAAP profit at 2 cents to 8 cents a share, or an adjusted 38 cents to 44 cents.
Looking ahead, HP Enterprise estimates fiscal-third-quarter GAAP profit at 4 cents to 10 cents a share, or an adjusted 38 cents to 44 cents. FactSet's Q3 call: 13 cents a share based on GAAP, or an adjusted 43 cents.
For all of fiscal 2021, the company is estimating it will earn 60 cents to 72 cents a share, or an adjusted $1.80 to $1.92. For the year FactSet's survey was looking for 59 cents a share, or an adjusted $1.83.
HP Enterprise shares at last check were trading down 1.8% at $15.80. They closed regular Tuesday trading up 0.8% at $16.09.
The stock has been trading around its 52-week high of $16.74, set on May 10.
In mid-April, Barron's reported, Jefferies analyst Kyle McNeely began coverage of HPE with a buy rating and what then was a Wall-Street-high $20 target price.
The analysts' conversations with customers and resellers "suggest the business will grow," the analyst wrote, according to the paper.
"We see a pessimistic valuation juxtaposed against an improving business on a revenue, earnings and free-cash-flow basis," the analyst said.