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HP Inc. stock decreases after earnings disappoint

August 31, 2023: On Wednesday, HP Inc. stock decreases after earnings disappoint.

HP reported $13.2 billion in earnings, below the $13.37 billion anticipated by analysts. Adjusted earnings per share came in line with anticipations at 86 cents. The group also offered weak guidance, citing that PC pricing has not enhanced as much as hoped.

Analysts at Bernstein said HP’s quarter was “disappointing” but that PC revenues will likely improve going forward. However, the analysts wrote that the company’s printing business may be more of a sticking point.

“Weak printer shipments may affect reserves growth in the medium term, HPQ’s margins remain above pre-pandemic levels, and we worry about the structural health of the printing business and its ability to grow over time,” the analysts corresponded in a Wednesday note.

Similarly, analysts at Credit Suisse expressed HP’s print segment remains their biggest concern, mainly because of discussion about “long-term weakness” and a possible need for “more aggressive pricing.” The analysts wrote in a Wednesday note that they are lowering their fiscal fourth-quarter and full-year estimates for the company.

Deutsche Bank analysts also trimmed their outlook for HP and lowered their price target from $32 to $30. They said the company delivered “roughly in-line” results but has been impacted by “weaker demand driven by a slower recovery in China,” and a negative long-term outlook for its print business.

Even so, the Deutsche Bank analysts said the report has positive components.

“Despite a tough demand environment, we continue to be impressed with HPQ’s ability to generate solid operating margins for both segments,” the analysts wrote Tuesday. “We are also encouraged that the company plans to continue share repurchases to at least offset dilution in the near term.”

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HP Inc. stock decreases after earnings disappoint