Hewlett Packard just reported its quarterly earnings and we’re covering live.
Hewlett-Packard posted Q2 EPS of $0.87, $0.06 better than expected. Revenues were $27.6 billion versus the consensus estimate of $28.12 billion.
Analysts were looking for 81 cents for earnings per share and 28.12 billion in revenue. That’s was a lowball expectation, representing about an 8% drop in revenues and a 3 cent drop in EPS from its last quarter.
That’s in part because of the soft PC market. On the other hand, Some were also hoping that HP’s PC business did relatively well this quarter, picking off Dell’s customers as Dell struggles with a very public battle to go private.
HP’s stock has actually been on an uptick since the beginning of the year, up about 50 per cent.
Investors are feeling optimistic because “restructuring cost savings and low market expectations have created the impression that H-P is recovering,” Topeka Capital analyst Brian White said in a note, reports MarketWatch’s Benjamin Pimentel.
More to come.