Image source: Hewlett-Packard Enterprise Co.

What: Shares of Hewlett-Packard Enterprise Company (NYSE:HPE) rose 33.6% in March, according to data provided by S&P Global Market Intelligence, on the heels of the enterprise computing specialist's solid fiscal first-quarter 2016 results.

So what: More specifically, this is a continuation of optimism surrounding that report, which caused shares to rise more than 13% in a single day early last month. HP Enterprise recorded a 3% decline in quarterly revenue, to $12.72 billion, but would have seen sales increase 4% if it weren't for foreign currency exchange. That translated to an 80% decrease in GAAP net earnings, to $267 million, or $0.15 per share.

That might not sound impressive, but note that this was Hewlett-Packard Enterprise's first full quarter since separating from HP in late 2015, and marked the first time since 2010 the company achieved positive constant-currency revenue growth in every business segment. On an adjusted (non-GAAP) basis -- which excludes items like stock-based compensation, and costs related to mergers, acquisitions, and restructuring -- net income also fell a less-steep 27.5%, to $731 million, or $0.41 per share. And analysts, on average, were expecting slightly lower revenue of $12.67 billion to result in adjusted earnings of $0.40 per share. HPE also told investors to expect full fiscal-year adjusted earnings per share of $1.85 to $1.95, the midpoint of which was well above consensus estimates for earnings of $1.87 per share.

Now what: It also helped that the broader markets enjoyed positive momentum last month; both the S&P 500 and Nasdaq Composite Index rose nearly 7% when all was said and done in March. So given investors' largely positive response to Hewlett-Packard Enterprise's strong inaugural quarter early in the month, it's no surprise the stock has been able to sustain its momentum in the ensuing weeks. As Hewlett-Packard Enterprise distances itself from the separation, I suspect the stock should have more room to rise from here.

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.