Today HP’s earnings slipped out earlier than expected, with the company reporting a second quarter revenue tally of $27.3 billion, and earnings per share (non-GAAP) or $0.88.
The market had expected the company to report higher revenue of $27.41 billion. Following the disappointment, HP shares fell several points before resurrecting to a decline of just over 2%.
That decline in share price is greater the company’s 1% decline in revenue that the $27.3 billion top-line figure represents. The company has yet to post its earnings on its own website. Its earnings call will take place in an hour.
The company intends to cut 11,000 to 16,000 more jobs. That will help it constrain costs.
HP is in the process of a long transition. Its preceding quarter, the fiscal first quarter, included a modest beat on both the top and bottom lines of its income statement. The most recent mixed quarter casts the strength of its recovery into doubt. Still, a 2% decline is hardly deathly. Put another way, HP’s stock didn’t pull a Twitter.
ILLUSTRATION BY BRYCE DURBIN