UPDATE 1-HPE revenue, profit top estimates, shares soar

(Adds first-quarter details, I/B/E/S estimates, second-quarter forecast, share move)

Feb 22 (Reuters) - Hewlett Packard Enterprise Co reported better-than-expected quarterly revenue and profit on Thursday, boosted by higher sales of its storage products, sending its shares up 18 percent in extended trading.

HPE also forecast an adjusted profit of 29 cents to 33 cents per share for the second quarter. Analysts on average were expecting a profit of 26 cents per share, according to Thomson Reuters I/B/E/S.

Revenue in the Palo Alto, California-based company's Hybrid IT division, largely made up of its storage products, rose 10 percent to $6.33 billion in the first quarter.

Total revenue rose 11 percent to $7.67 billion. Analysts on average had expected $7.07 billion, according to Thomson Reuters I/B/E/S.

HPE's net income rose to $1.43 billion, or 89 cents per share, in the quarter ended Jan. 31 from $267 million, or 16 cents per share, a year earlier.

In the latest reported quarter, the company booked a gain related to changes in the U.S. tax code.

Excluding items, the company earned 34 cents per share, much higher than the average analyst estimate of 22 cents. (Reporting by Arjun Panchadar in Bengaluru; Editing by Maju Samuel)