Bloomberg

Shares of printer and computer maker HP Inc. (HPQ - Get Report) slumped Thursday after the company reported first-quarter 2019 sales shy of analysts' forecasts, even as adjusted per-share earnings came in as expected.

HP shares were down 18.4% to $19.45 in trading Thursday on the New York Stock Exchange.

HP said its first-quarter net income came in at $803 million, or 51 cents a share, down significantly from $1.94 billion, or $1.16 a share, in the comparable year-earlier period. Adjusted profit was 52 cents a share. Revenue rose 1% to $14.7 billion.

Analysts surveyed by FactSet were expecting sales of $14.8 billion and adjusted per-share earnings of 52 cents.

Weaker sales of printers and PCs contributed to the decline in earnings, the company said. Net revenue from personal systems sales gained a modest 2% year over year; commercial net revenue increased 3% and consumer net revenue increased 1%.

Total units, which encompasses both personal systems and equipment sales, were down 3%, with notebooks down 1% and desktops down 8%. Printing net revenue was mostly flat year over year. Total hardware unit sales were up 3%, with commercial hardware units up 4% and consumer hardware units up 2%. Supplies net revenue was down 3%.

For its fiscal 2019 second quarter, HP estimates per-share earnings in the range of 45 cents to 48 cents. For the full fiscal year, HP said it is updating its estimate of GAAP net per-share earnings to be in the range of $2 to $2.10 a share. HP also reaffirmed its previous estimate for fiscal 2019 free cash flow of at least $3.7 billion.