Enrique Lores, CEO, HP
Scott Mlyn | CNBC
HP shares rose as much as 9% in extended trading on Tuesday after the company reported fiscal fourth-quarter earnings that beat analysts’ estimates and provided an optimistic earnings forecast.
- Earnings: 62 cents per share, adjusted, vs. 52 cents per share as expected by analysts, according to Refinitiv.
- Revenue: $15.3 billion vs. $14.7 billion as expected by analysts, according to Refinitiv.
Revenue declined about 1% on an annualized basis in the quarter, which ended on Oct. 31, according to a statement.
HP is forecasting 64 cents to 70 cents in adjusted earnings per share in the fiscal first quarter, higher than the Refinitiv consensus of 54 cents.
HP’s largest business segment, Personal Systems, which includes PC notebooks and desktops, delivered $10.4 billion in revenue, flat year over year and below the $10.5 billion consensus among analysts polled by FactSet. Within that unit, sales of notebooks rose 18% to $7.41 billion, but the overall segment was pulled down by desktop and workstation declines.
Also on Tuesday, PC maker Dell reported fiscal third-quarter results and said sales of consumer devices, including PCs, were up 14% from a year earlier.
Excluding the after-hours jump, HP shares are up 6% since the start of the year, while the S&P 500 has gained about 13% over the same period.
Executives began discussing the results with analysts on a conference call starting at 4:30 p.m. Eastern time.
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