HP Stock Jumps More Than 7% After Earnings Beat

By Jeremy C. Owens Markets MarketWatch Pulse

HP Inc. reported higher-than-expected sales and earnings for its fiscal second quarter Wednesday, and shares jumped to their highest levels since a corporate split in 2015. The company, which includes the personal computer and printing businesses from the tech giant previously known as Hewlett-Packard, reported net income from continuing operations of $600 million, or 33 cents a share, on sales of $12.4 billion. Chief Executive Dion Weisler noted that it is the first quarter in which both PC and printing revenue increased year-over-year since 2010, with PC sales growing 10% and printing revenue increasing 2%. After adjusting for restructuring charges and other effects, HP claimed earnings of 40 cents a share. Analysts on average expected earnings of 39 cents a share on sales of $11.9 billion. The company also raised its forecast for full-year adjusted earnings, to $1.59 to $1.66 a share, from previous guidance of $1.55 to $1.65 a share. HP stock topped $20 in late trading, a level it has not hit in regular trading since it split from Hewlett Packard Enterprise in 2015.

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