HPE Surges on Stellar Q3 Results as AI Demand Skyrockets

Hewlett Packard Enterprise (HPE) shares surged around 5% to $54.44 after it released stellar Q3 results, exceeding analyst expectations on revenue and adjusted earnings per share.

The company's Q3 revenue reached $12.2 billion, a 34% year-over-year increase, while its free cash flow hit a record high of $958 million in the quarter.

HPE's AI Systems segment generated $1.6 billion in quarterly revenue, with $2.4 billion in fresh orders and an all-time company record backlog.