Published on 31 May 2023 on Zacks via Yahoo Finance
HP (HPQ) Q2 Earnings Surpass, Revenues Miss Expectations
HP Inc. HPQ reported second-quarter fiscal 2023 non-GAAP earnings of 80 cents per share, which surpassed the Zacks Consensus Estimate of 76 cents and came within management’s previously guided range of 73-83 cents.
However, the bottom line declined 26% from the year-ago quarter’s earnings of $1.08 per share. This was mainly due to lower revenues, increased pricing competition and unfavorable currency exchange rates, partially offset by efficient cost management.
HP’s net revenues of $12.9 billion fell short of the Zacks Consensus Estimate of $13.07 billion and declined 21.7% year over year. The dismal top-line performance was mainly due to a significant slowdown in consumer demand, tightening corporate budget amid ongoing macroeconomic challenges and unfavorable currency exchange rates.