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HP Inc. ( HPQ ) posted mixed fiscal second-quarter results late Wednesday, beating views on earnings per share, but missing Wall Street’s target for sales. HP earned 41 cents a share excluding items on sales of $11.59 billion for the quarter ended April 30. Analysts polled by Thomson Reuters expected HP to earn 38 cents a share on sales of $11.72 billion. On a year-over-year basis, adjusted EPS rose 5% while sales fell 11%. Excluding foreign currency effects, revenue was down 5%. The Palo Alto, Calf.-based company continues to suffer from a weak market for personal computers and printers. “This quarter we delivered strong results and solid progress towards our long-term strategy,” HP CEO Dion Weisler said in a statement . “We achieved our operational objectives, unleashed truly amazing innovations, and grew in strategic areas of our business, despite tough market conditions.” Revenue in HP’s personal computer business fell 10% in Q2, while printing business revenue declined 16%. For the current quarter, HP is forecasting adjusted profit of 37 to 40 cents a share. Wall Street had been modeling for 40 cents. For the full fiscal year, HP is targeting adjusted EPS of $1.59 to $1.65. Analysts were looking for $1.59. HP stock was flat in after-hours trading following the earnings news release. During the regular session Wednesday, HP rose 2.4% to 12.20. Scalper1 News
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