HP Q2 results top estimates thanks to rise in PC sales

HP Inc. (HPQ) posted second quarter results that were slightly better than expected. Adjusted earnings per share of $0.82 was just above the expected $0.81. Net revenue of $12.8 billion topped the $12.6 billion estimate. The tech giant also narrowed its full-year adjusted earnings per share forecast to a range of $3.30 to $3.60 from $3.25 to $3.65.

As Yahoo Finance's Julie Hyman and Josh Lipton explain, the results were fueled by a rise in PC sales.

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This post was written by Stephanie Mikulich.

Video transcript

Let's check in on shares of H PE.

We got some second quarter numbers from that company up about 9/10 of 1%.

The numbers look pretty good here.

Second quarter earnings a penny above what analysts had been anticipating.

And the company said revenue was at about $12.8 billion that to be estimates here.

What's more, the forecast pretty good from the, uh vis a vis the estimate.

Second quarter revenue seen at $12.8 billion 12.6 billion is what analysts had been anticipating.

And it appears the company has raised its forecast for full year earnings per share to a range of three Do.

Uh, it looks like they raised it.

Um oh, excuse me.

They're cutting their forecast for a full year.

My bad.

I was looking at the numbers reversed 3.

30 to 3.

60 is what they now see.

They had seen 3.

25 to 365.

So they brought up the low end, But they brought down the top end, so I don't know how they narrowed the forecast.

Let's characterise it that way.

In the after I mean, you know, investors often looked at HB for a few different reasons.

One is, like, obviously read kind of that broader PC market.

We We've had guests on Julie betting that that market actually does get a lift in part from those new shiny a IP CS.

So when HP thinks thinks about that, we also did hear from Warren Buffett's Berkshire in that regulatory filing this month show Berkshire actually sold off its position.

HP and Q one sort of interesting there.

People often, of course, follow the greatest value investor of all time, and he makes.

His stock was basically flat for the year heading into this print, but at least initially here, look at that pop 7% and I'm seeing here.

This was the first increase in PC sales in two years, driven by commercial sales not by consumer sales, but two years.

That's a long time for a slump to last in your main product.

So that reaction, yeah, definitely a positive one