Shares of HP Inc (NYSE:HPQ) slipped in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $0.86, which was in line with analysts’ consensus estimate. Sales decreased by 9.9% year-over-year, with revenue hitting $13.2 billion. This missed analysts’ expectations by $200 million.
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Looking forward, management now expects adjusted earnings per share for Q4 2023 and FY 2023 to be in the ranges of $0.85 to $0.97 and $3.23 to $3.35, respectively. For reference, analysts were expecting $0.95 per share for the former and $3.37 per share for the latter.
Overall, Wall Street has a consensus price target of $30.09 on HPQ stock, implying 4.1% downside risk, as indicated by the graphic above.