The Hewlett Packard Company
HP
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, which deals in mobile computing, recorded revenues in the second quarter of approximately $14.6 billion, a decrease of 4% from the corresponding quarter and below the forecasts of analysts who expected revenues of approximately $15.6 billion. The revenue from the “Personal systems” computing segment, which includes sales of laptops, software and calculators, is the one that hurt revenue when it brought in $10 billion, against an expectation of $11 billion and dropped from the corresponding quarter by 32%. From the printer segment that Hewlett Packard sells, it brought in $4.5 billion Also below expectations, which expected 4.7 billion dollars.
The operating profit stood at $1.38 billion, above the forecasts of the analysts who expected revenues of $1.357 billion, reflecting an operating profit margin of 9.5%, against forecasts of 8.7%. The profit per share also came in below analysts’ expectations, but within the range that the company expected – $1.04 per share, analysts expected profit per share of 1.05. The forecast the company was looking at was between $1.03 and $1.08. The company’s free cash flow came far from analysts’ forecasts – $300 million, against analysts’ forecasts that expected $1.3 billion.
The forward forecast is also not particularly impressive – Hewlett lowers the earnings forecast for the next quarter and for the whole of 2022, it expects earnings per share of 74 cents in the third quarter of the year, while analysts expected earnings per share of $1.06, the forecast for annual earnings per share now stands at $4.08, Below the company’s previous forecast that expected earnings per share of $4.3.
The CEO of the company, Enrique Lores, in response to the weak report: “”We expected a slowdown in the consumption of electronic products, but the slowdown was much greater than what we expected. You see it these days.’
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