Shares of HP (HPQ) are down about 1% after the personal computer manufacturer reported mixed financial results and reiterated its previous guidance.
For what was its fiscal fourth quarter, HP reported earnings per share (EPS) of $0.90 U.S., which was in line with Wall Street forecasts.
However, the company’s revenue in the quarter declined 6.5% to $13.80 billion U.S., also in line with analysts’ consensus estimates.
HP reported free cash flow of $1.90 billion U.S., up 3% from a year earlier.
The company reiterated its previous forecast for an adjusted profit for its entire fiscal year of $3.25 U.S. to $3.65 U.S. per share.
While HP’s results reflect weak demand for both personal computers and the printers it makes, the company said that it sees a turnaround coming in 2024, with the global PC market expected to return to growth.
HP also said that it plans to resume stock buybacks during the current quarter after pausing share repurchases for much of this year.
HP stock was initially down 4% after the latest earnings were made public, but the shares have since recovered.
Year-to-date, HP stock is up 4% and trading at $27.87 U.S. per share.
