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HP reports mixed Q1 as revenue hurt by soft PC, printer demand

AuthorYasin Ebrahim
Published 02/28/2023, 04:21 PM
Updated 02/28/2023, 04:32 PM
© Reuters.
HPQ
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By Yasin Ebrahim

Investing.com -- HP reported mixed fiscal first-quarter results Tuesday as earnings topped, but revenue fell short of Wall Street estimates amid a weaker demand backdrop for personal computing and printer demand. 

HP Inc (NYSE:HPQ) was up nearly 2% following the report.

HP reported Q1 EPS of $0.75 on revenue of $13.8 billion, compared with estimates of $0.74 and $14.15B, respectively.

Personal Systems net revenue was $9.2B, down 24% year over year, with printing net revenue falling 5% year-on-year to $4.6B.

Looking ahead, EPS was guided in a range of $0.73 to $0.83 in Q2, in line with expectations for $0.75 a share. For 2023, EPS was estimated in a range of $3.20 to $3.60, compared with estimates for $3.29 a share. The company also guided free cash flow in the range of $3.0B to $3.5B.

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