By Matt Grossman

 

HP Inc. shares declined on Thursday morning, a day after the Palo Alto, Calif.-based computing company reported lower-than-expected second-quarter revenue.

HP stock fell more than 11% Thursday morning to $15.21, after closing trading on Wednesday at $17.12.

In the second quarter, HP's revenue fell to $12.47 billion, from $14.04 billion a year earlier. The decline was sharper than analysts had forecast, according to FactSet, which had gathered a consensus estimate of $12.93 billion. Revenue from laptop and desktop computers fell 7% compared with last year.

HP declined to provide full-year earnings guidance, but forecast that third-quarter adjusted earnings will be between 39 cents a share and 45 cents a share.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

May 28, 2020 10:28 ET (14:28 GMT)

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