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HP Inc HPQ shares are trading lower in Tuesday’s after-hours session after the company reported weak fiscal third-quarter results and cut guidance.
HP said third-quarter revenue decreased 4.1% year-over-year to $14.7 billion, which missed average analyst estimates of $15.7 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.04 per share, which was in line with average analyst estimates.
“We are taking clear actions to mitigate near-term market headwinds and further strengthen our business for the future,” said Enrique Lores, president and CEO of HP.
HP expects fourth-quarter earnings to be between 79 cents and 89 cents per share versus the estimate of $1.06 per share. The company expects full-year earnings to be between $4.02 and $4.12 per share versus the estimate of $4.30 per share. HP previously guided for full-year earnings to be in a range of $4.24 to $4.38 per share.
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HPQ Price Action: HP is making new 52-week lows in Tuesday’s after-hours session.
The stock was down 3.83% in after hours at $29.90 at press time.
Photo: StockSnap from Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.