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HP shares jump during trading session as earnings come out early – CNBC

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https://www.cnbc.com/2021/02/25/hp-hpq-earnings-q1-2021.html

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Enrique Lores, CEO, HP

Scott Mlyn | CNBC

HP shares closed up less than 1% on Thursday after the PC maker reported fiscal first-quarter earnings that topped analysts’ estimates.

HP stock was halted during the afternoon as shares suddenly rose. The company released its earnings report shortly after, though it had planned to announce the results after market close.

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Here’s how the company did:

  • Earnings: 92 cents per share, adjusted, vs. 66 cents per share as expected by analysts, according to Refinitiv.
  • Revenue: $15.65 billion. vs. $14.97 billion as expected by analysts, according to Refinitiv.

Revenue grew 7%, with a 34% increase in consumer devices in the company’s Personal Systems category, according to a statement. In the previous quarter HP’s revenue had declined 1%.

With respect to guidance for the 2021 fiscal year, HP said it sees $3.15 to $3.25 in adjusted earnings per share, well above the $2.65 consensus among analysts polled by Refinitiv.

Executives will discuss the results on a conference call at 4:30 Eastern time.

WATCH: HP CEO Enrique Lores reflects on the importance of accountability

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