Personal computer and printer manufacturer HP (HPQ) late Wednesday matched Wall Street's profit target for its first fiscal quarter, but did not hit its sales. HP's earnings news pushed its share down in the long-term trading.
The company, based in Palo Alto, California, posted adjusted earnings of 52 cents per share for revenue of $ 14.71 billion for the quarter ended January 31. Analysts expect an HP profit of 52 cents per share for a turnover of 14.88 billion USD. On an annual basis, HP's profits increased by 8%, while sales increased by 1%.
For the current quarter, HP expects adjusted earnings per share between 50 and 53 cents, with the midpoint being lower than the consensus estimate. He was not giving income prospects for his second fiscal quarter. Wall Street modeled earnings per share of 53 cents on a $ 14.29 billion business figure. In the last quarter, HP had gained 48 cents a share for a turnover of $ 14 billion.
For fiscal year 2019, HP reiterated its guidance for adjusted earnings per share of $ 2.12 to $ 2.22. The midpoint of $ 2.17 is lower than the $ 2.20 target set by Wall Street.
HP results report shakes investors
The HP stock has dropped 5.5% after trading hours on the stock market today. During the regular session, he plunged 23% to 23.84. The HP stock forms a cup base with a purchase point of 27.10.
"We are leveraging our industry-leading portfolio and accelerating our transformation with accelerating services, solutions and 3D printing as we reinvent HP and position the company for long-term, sustainable growth. term, "said General Manager Dion Weisler in a statement.
In the January quarter, sales of HP's Personal Systems business grew 2% year-over-year, driven by growth in commercial computers.
Sales in the Printing segment remained stable, penalized by a 3% drop in printing supplies revenue.
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