Hewlett Packard (NYSE:HPQ)
Historical Stock Chart
2 Months : From May 2019 to Jul 2019
By Micah Maidenberg
HP Inc. reported better-than-expected revenue in it latest quarter, as gains in selling personal devices offset a drop in printing-related sales.
Palo Alto, Calif.-based HP's fiscal second-quarter revenue of $14.04 billion was flat compared with a year earlier but slightly surpassed the $13.95 billion that analysts had forecast for the period, according to FactSet.
HP's personal systems unit, which sells computers, tablets and similar machines, pushed up revenue about 5% in the quarter, after adjusting for currency fluctuations on gains from commercial customers.
But sales of printers, printing supplies and related items dropped about 2% after adjusting for currency fluctuations.
HP said revenue from its printer-supplies business, which sells ink and other products, dropped 3% from a year earlier. In the company's fiscal first quarter, a drop in revenue related to printer supplies surprised investors, who had been expecting a gain, and caused a selloff in the stock.
The company said profit fell to $782 million, or 51 cents a share, from $1.06 billion, or 64 cents a share, a year earlier, when HP's earnings were boosted by a nonrecurring tax benefit.
Excluding acquisition and restructuring charges and after other adjustments, HP reported a profit of 53 cents a share, 2 cents higher than what analysts expected.
The company narrowed its projected profit range for the year. It now expects an adjusted profit of $2.14 to $2.21 a share, compared with a previous forecast of $2.12 to $2.22 a share.
Shares of HP rose more than 3% in aftermarket trading.
Write to Micah Maidenberg at firstname.lastname@example.org
(END) Dow Jones Newswires
May 23, 2019 16:37 ET (20:37 GMT)
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