HP Inc. (HPQ) shares fell despite the computer hardware maker reporting fiscal second quarter earnings that beat analyst estimates.
For the quarter ending in April, HP reported adjusted earnings per share of $0.93 on revenue of $15.9 billion. Analysts polled by FactSet were expecting adjusted earnings per share of $0.92 on revenue of $15.0 billion.
Shares of HP were falling 5.1% to $30.47 after hours on Thursday, after falling 0.3% during the day. Shares have risen over 30% this year compared to roughly 12% for the S&P 500.
HP has benefited from the pandemic, which has increased consumer demand for laptops and other computing products and peripherals as many employees continue to work from home.
Total revenue for the quarter increased 27.3% year-over-year. Personal Systems net revenue for the quarter was $10.6 billion, up 27% year-over-year, as consumer net revenue increased 72% and commercial net revenue increased 10%. Printing net revenue was $5.3 billion, up 28% year-over-year, with consumer net revenue increasing 77% and commercial net revenue increasing 34%.
“We delivered another strong quarter, with double-digit top and bottom line growth. HP technology is increasingly at the heart of hybrid work and we are benefitting from exceptional demand for our products and services,” said Enrique Lores, HP President and CEO, in a statement.
For the fiscal third quarter, HP said it expects adjusted EPS in the range of $0.81 to $0.85, ahead of analyst expectations of adjusted EPS of $0.75. HP did not give revenue guidance; analysts expect third quarter revenue to reach $15.1 billion.
For fiscal 2021, HP estimates adjusted EPS to be in the range of $3.40 to $3.50, ahead of analyst estimates of $3.31.