HP Inc Earnings: HPQ Stock Slides on Weak Q1 Sales, in-Line Earnings
HP Inc (NYSE: HPQ ) announced its first-quarter results Wednesday afternoon, posting mixed figures that included earnings that met Wall Street's guidance, while its revenue was below the mark, playing a role in moving HPQ stock down after hours.
The Palo Alto, Calif.-based company posted $803 million in profit for its first three-month period of its fiscal 2019, roughly 51 cents per share. On an adjusted basis after taking into account restructuring costs and other factors, the company's earnings reached about 52 cents per share.
Analysts were projecting HP to bring in adjusted earnings of roughly 52 cents per share per the average guidance, according to data compiled by FactSet in a survey.
The cloud services provider also brought in revenue of $14.71 billion for the period, about $200 million more than it did in the year-ago period. Wall Street saw the company as raking in sales of $14.86 billion, according to data compiled by FactSet.
HP added that for its second quarter of the fiscal year, it sees its adjusted earnings in the range of 50 to 53 cents per share, a weak amount when compared to the Wall Street outlook of 53 cents per share, according to a FactSet forecast.
HPQ stock fell about 5.5% after hours on Wednesday following the company's mixed quarterly results. Shares had been moving down about 0.2% during regular trading hours as the tech giant prepared itself to report for the period.
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