HP Drops 5% In Pre-market On Slashing Annual Outlook Below View

(RTTNews) - Shares of HP Inc. (HPQ) are down more than 5% in pre-market on Wednesday after the computing giant cut its full-year earnings outlook, below analysts view.

For the full year, HP now expects adjusted EPS in the range of $4.02-$4.12, lower than the prior outlook of $4.24-$4.38. On average, 15 analysts polled by Thomson Reuters expect the company to report a profit of $4.3 per share.

For the fourth quarter, HP estimates adjusted EPS to be in the range of $0.79 to $0.89, below the consensus estimate of $1.06 per share.

Tuesday after market close, HP announced net earnings of $1.119 billion or $1.08 per share for the third quarter, compared with $1.108 billion or $0.92 per share a year ago.

Excluding one-time items, earnings were $1.079 billion or $1.04 per share, in line with the analysts' expectation of $1.04 per share.

Quarterly revenue declined 4.1% to $14.664 billion from $15.289 billion last year, and missed the consensus estimate of $15.74 billion.

HPQ closed Tuesday trading at $31.10, down 1.36%. It has traded in the range of $26.11-$41.47 in the past 52 weeks.