HP (NYSE:HPQ) stock is on the move Wednesday after the company released its earnings report for the second quarter of 2023.
The news hitting HPQ stock comes from its revenue for the quarter. The computer company reported revenue of $12.9 billion, which represents a 21.7% drop year-over-year (YOY). HP also failed to reach analysts’ revenue estimate of $13.03 billion.
It’s worth noting that HP did beat EPS estimates despite a drop in revenue for the quarter. This saw it report adjusted earnings per share of 80 cents. That’s better than the 76 cents per share that Wall Street was expecting for the quarter. However, it’s still a 26% drop from the $1.08 per share reported in the same period last year.
Enrique Lores, President and CEO of HP, said the following about the earnings report.
“Our disciplined execution and strong innovation in a tough macro environment allowed us to deliver non-GAAP EPS at the high-end of our target in Q2 […] We are well-positioned to win in our markets and drive long-term sustainable growth as we make continued progress against our Future Ready plan.”
HP Stock Outlook
HP also updated investors with its outlook for the third quarter of 2023 in its latest earnings report. The company expects adjusted EPS to range from 81 cents to 91 cents. For comparison, Wall Street expects adjusted EPS of 85 cents per share during Q3.
For the full year of 2023, HP also expects adjusted EPS to range from $3.30 to $3.50. To put that in perspective, analysts’ EPS estimate for fiscal 2023 sits at $3.34.
HPQ stock is down 4.6% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
