Shares of HP (NYSE:HPQ) gained in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $0.75, which beat analysts’ consensus estimates of $0.74. Sales decreased by 18.8% year-over-year, with revenue hitting $13.83 billion. This missed analysts’ expectations of $14.17 billion.
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Looking forward, management now expects EPS for Q2 2023 to be in the range of $0.73 to $0.83. For Fiscal Year 2023, adjusted EPS and free cash flow are expected to range between $3.20 to $3.60 and $3 billion to $3.5 billion, respectively.
Overall, Wall Street has a Moderate Sell consensus rating on HPQ stock based on one Hold and two Sells assigned in the past three months. In addition, the average price target is $28 per share.