HP Enterprise shares fall as dull forecast fuels fears of slowing demand

FILE PHOTO: A screen displays the logo for HP Inc. at the New York Stock Exchange (NYSE) in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) - Shares of Hewlett Packard Enterprise Co slumped more than 10% on Wednesday as its lackluster revenue forecast fanned worries of a slowdown in cloud spending this year.

The company was set to shed nearly $2 billion in market value if losses hold through the session. They have lost about 3% this year as of last close, failing to benefit from a broader rebound in tech stocks.