HP: share price rises despite 'slightly off' forecasts

(CercleFinance.com) - HP shares were up slightly on Wednesday morning on the New York Stock Exchange, despite quarterly results and forecasts that were greeted with little enthusiasm by investors.


The PC and printer manufacturer's shares were up around 1% in early trading. At yesterday's closing price, the stock had gained more than 3% since the start of the year.

HP reported on Tuesday evening an 8% increase in net profit for the fourth quarter of its 2022/2023 fiscal year, to $900 million from $800 million a year earlier.

On a per-share basis, this profit excluding exceptional items came to $0.90, in line with the $0.85 to $0.97 target the group had set itself.

Quarterly sales came in at $13.8 billion, down 6.5% year-on-year.

Beyond this performance, which was broadly in line with expectations, analysts considered the forecasts communicated by the Californian group to be "a little tight".

For the first quarter of its new fiscal year, the Palo Alto-based company anticipates adjusted earnings per share of between $0.76 and $0.86, against a consensus of $0.85.

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