HP Misses Q3 Earnings Expectations Despite Revenue Growth

HP Inc. (NYSE:HPQ) reported third-quarter earnings that missed analyst expectations. Despite the earnings miss, the company's revenue surpassed estimates, marking a return to growth.

For the quarter, HP posted adjusted earnings per share of $0.83, falling short of the Street consensus of $0.86. However, revenue increased by 2.4% year-over-year to $13.52 billion, exceeding the expected $13.37 billion.

The Personal Systems segment, which includes PCs, experienced a 5% year-over-year revenue increase to $9.4 billion, while the Printing segment saw a 3% decline to $4.1 billion.

Enrique Lores, President and CEO of HP Inc., expressed satisfaction with the company's revenue growth and highlighted the launch of their next-generation AI PC lineup as a key achievement.

Looking ahead, HP provided a fourth-quarter adjusted EPS forecast of $0.89 to $0.99, compared to the $0.95 analyst estimate. The company also narrowed its full-year 2024 adjusted EPS guidance to a range of $3.35 to $3.45, with the midpoint below the consensus of $3.45.