HP (NYSE:HPQ) earnings for fiscal second quarter of 2020 have HPQ stock falling after-hours Wednesday. That comes despite it reporting adjusted earnings per share (EPS) of 51 cents. This is better than Wall Street’s estimate of 45 cents. However, its revenue of $12.47 billion is below analysts’ estimates of $12.85 billion.
Let’s take a more thorough look at the most recent HP earnings report below.
- Adjusted per-share earnings are down 3.8% from 53 cents in the fiscal second quarter of 2019.
- Revenue for the quarter comes in 11.2% lower than the $14.04 billion reported during the same time last year.
- Operating income of $826 million is an 11% drop year-over-year from $928 million.
- The HP earnings report also has net income coming in at $764 million.
- That’s a 2.3% decline compared to its net income of $782 million in the same period of the year prior.
Enrique Lores, president and CEO of HP, said this about the fiscal Q2 earnings:
“The strength of HP’s diversified portfolio, go-to-market capabilities and balance sheet position us well to navigate macroeconomic challenges and drive long-term value creation. We are seeing strong demand from our customers in notebook PC orders and Instant Ink subscriptions, as well as growing interest in 3D printing and digital manufacturing in key verticals such as healthcare.”
HP also includes an outlook for fiscal Q3 2020 in the earnings report. It expects adjusted EPS to range from 39 cents to 45 cents. That doesn’t look good next to Wall Street’s adjusted EPS estimate of 49 cents.
HPQ stock was down 4.1% after-hours Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.