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HP: share rises despite forecasts being a bit short

( - HP shares rose slightly in New York on Wednesday morning, despite quarterly results and forecasts that were greeted with little enthusiasm by investors.

The PC and printer manufacturer's shares rose around 1% in early trading. At yesterday's closing price, the stock was up over 3% YTD.

On Tuesday evening, HP reported an 8% rise in net profit for Q4 2022/2023, to $900m from $800m a year earlier.

EPS excluding exceptional items came to $0.90, in line with the group's target of $0.85 to $0.97 per share.

Quarterly sales came to $13.8bn, down 6.5% y-o-y.

Beyond this performance, which was pretty much in line with expectations, analysts considered the forecasts communicated by the Californian group as a bit short.

For Q1, the Palo Alto-based company anticipates adjusted EPS of $0.76 to $0.86, against a consensus of $0.85.

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