HP Earnings: HPQ Stock Ticks 1% Higher on Q3 Beats

HP (NYSE:HPQ) earnings for the computer company’s fiscal third quarter of 2020 have HPQ stock on the move after markets closed on Thursday. This comes after reporting adjusted earnings per share of 49 cents on revenue of $14.29 billion. These are both better than Wall Street’s estimates of 43 cents per share and revenue of $13.31 billion.

Image of the HP (HPQ) logo on a mesh computer case
Source: Tomasz Wozniak / Shutterstock.com

Now, let’s take a deeper dive into the most recent HP earnings report below.

  • Adjusted per-share earnings are 15.5% lower than the 58 cents reported in the fiscal third quarter of 2019.
  • Revenue for the quarter is sitting 2.1% lower than the $14.6 billion reported in the same period of the year prior.
  • Operating income of $779 million is a 27.9% drop year-over-year from $1.08 billion.
  • The HP earnings also have it reporting a net income of $734 million.
  • That’s a 37.8% worse result than its net income of $1.18 billion reported during the same time last year.

Enrique Lores, president and CEO of HP, said this about the earnings results.

“Our strong Q3 results and solid beat for the quarter, in the face of unprecedented uncertainty, reflects the agility of our teams and the strength of our portfolio. We’re leveraging our leadership across consumer and commercial markets to capitalize on opportunities – from the essential role of the PC in an era of remote work and school to the rise of subscription-based business models to enable greater flexibility.”

HP also includes guidance for fiscal 2020 in its earnings report. It’s expecting adjusted EPS to range from $2.16 to $2.20. Wall Street is looking for adjusted EPS of $2.10 in fiscal 2020.

HP stock was up 1.3% after-hours Thursday.

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/2020/08/hp-earnings-boost-hpq-stock-higher/.

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