Hewlett-Packard Earnings: Here’s Why the Stock is Down Now
Hewlett-Packard Company (NYSE:HPQ) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 7.53%.
Hewlett-Packard Company Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 14% to $0.86 in the quarter versus EPS of $1.00 in the year-earlier quarter.
Revenue: Decreased 8.23% to $27.23 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Hewlett-Packard Company reported adjusted EPS income of $0.86 per share. By that measure, the company met the mean analyst estimate of $0.86. It missed the average revenue estimate of $27.29 billion.
Quoting Management: “We once again achieved the financial performance we said we would, delivering $0.86 in non-GAAP diluted earnings per share, within our previously provided outlook of $0.84 to $0.87,” said Meg Whitman, HP president and chief executive officer. “I remain confident that we are making progress in our turnaround. We are already seeing significant improvement in our operations, we are successfully rebuilding our balance sheet, our cost structure is more closely aligned with our revenue and we have reignited innovation at HP, with a focus on the customer.”