HPE Plans Cuts in Jobs, Executive Pay to Temper Sales Slump
- Computer hardware company reports 16% decline in revenue
- Program expects to save $1 billion by the end of fiscal 2022
Photographer: David Paul Morris/Bloomberg
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Hewlett Packard Enterprise Co. reported declining sales and announced it would cut jobs and reduce executive pay, saying the coronavirus pandemic has disrupted supply chains for data-center hardware.
Revenue fell 16% to $6 billion in the period ended April 30, the San Jose, California-based company said Thursday in a statement. Analysts, on average, expected $6.19 billion, according to data compiled by Bloomberg. Profit, excluding some items, was 22 cents a share, compared with an average estimate of 28 cents.