Hewlett Packard (NYSE:HPQ) saw its profit decline in the second quarter.
Earnings and Revenue The company experienced stronger-than-expected EPS and revenues. The company reported adjusted net income of 98 cents a share versus the 91 cents a share estimate and revenues of $30.69 billion versus the $29.92 billion estimate. The company's reported EPS came in above the high estimate of 19 analysts of a profit of 95 cents.
Continue Reading Below
The company's net income for the quarter was $1.59 billion. This is a 30.9% decline from last year. Revenue fell 3% from $31.63 billion in the same period last year.
Company Fundamental Trends Last quarter marks the third in a row in which the company's net income has fallen. Profits declined 43.6% in the first quarter and 90.6% in the fourth quarter of the last fiscal year. Last quarter marks the third in a row in which The company has seen falling revenue on a year-over-year basis.
History Against Expectations The company has now topped analyst estimates for the last three quarters.
Official Comment: "We are making progress in our multi-year effort to make HP simpler, more efficient and better for customers, employees, and shareholders," said Meg Whitman, HP president and chief executive officer. "This quarter we exceeded our previously provided outlook and are executing against our strategy, but we still have a lot of work to do."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.