Why Hewlett Packard Enterprise Stock Tumbled Today

Shares of Hewlett Packard Enterprise (NYSE: HPE) slumped on Friday after the company reported fiscal second-quarter results that missed the mark and announced plans to slash costs over the next three years. The tech stock was down about 11.5% at 12:50 p.m. EDT.

HPE reported second-quarter revenue of $6.0 billion, down 16% year over year and $280 million below the average analyst estimate. The company faced supply-chain constraints and delays in customer acceptance, which increased the backlog significantly. Revenue in the computer segment, HPE's largest, was down 19% to $2.6 billion.

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