HP Earnings: HPQ Stock Soars 5% Higher on Strong Q1 Beat

HP (NYSE:HPQ) earnings for the tech company’s fiscal first quarter of 2020 have HPQ stock heading higher after markets closed on Monday. That’s after reporting adjusted earnings per share (EPS) of 65 cents. This easily comes in above Wall Street’s estimate of 54 cents. However, the company’s revenue of $14.62 billion is just below analysts’ estimates of $14.63 billion.

HP Earnings: HPQ Stock Soars 5% Higher on Strong Q1 Beat

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Now, let’s look at some additional highlights from the most recent HP earnings report.

  • Adjusted EPS is up 25% from the 52 cents during the same period of the year prior.
  • Revenue for the quarter is sitting less than 1% lower compared to $14.71 billion during the fiscal first quarter of 2019.
  • Operating income of $865 million is an 6.59% drop YoY from $926 million.
  • The HP earnings report also has it bringing in a net income of $678 million.
  • This is a 15.57% decrease from its net income of $803 million for the same time last year.

Enrique Lores, President and CEO of HP, said this about the HPQ stock earnings report:

“Our Q1 results reflect a business that is strong and getting stronger. Our non-GAAP EPS growth of 25% was significantly above our guided range, driven by tremendous execution against our strategic priorities.”

The HP earnings report also contains an update to its fiscal 2020 outlook. This has it expecting adjusted EPS of $2.33 to $2.43 during the year. That’s great news for HPQ stock with Wall Street’s estimate being $2.31 per share.

HPQ stock was up 5.2% after-hours Monday after closing the day down 2.6%.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/02/hp-earnings-send-hpq-stock-soaring/.

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