Shares of HP (NYSE: HPQ) are slightly higher in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Adjusted earnings per share came in at $0.85, which beat analysts’ consensus estimate of $0.84 per share.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Sales decreased 11.2% year-over-year, with revenue hitting $14.8 billion. This was higher than the $14.676 billion that analysts were looking for.
Looking forward, management now expects adjusted earnings per share for Q1 2023 to be in the range of $0.70 to $0.80. For reference, analysts were expecting an adjusted EPS of $0.86.
Furthermore, the company announced that it will be reducing its workforce by 4,000 to 6,000 people over the next three years. Currently, the company employs 51,000 workers. It’s expected that HPQ will see savings of $1.4 billion over the next three years.
Is HPQ Stock a Buy or Sell?
HPQ stock has a Moderate Sell consensus rating based on zero Buys, eight Holds, and four Sells assigned in the past three months. The average HPQ stock price target of $28.92 implies 1.52% downside potential.
