Shares of HP Inc. (NYSE: HPQ) gained on Thursday evening soon after the information technology firm reported financial results that topped expectations. However, third-quarter earnings and revenues decreased year-over-year, reflecting the COVID-driven slowdown.
At $14.3 billion, revenues were down 2.1% year-over-year in the third quarter but above the consensus forecast. Net income, adjusted for one-off items, dropped to $0.49 per share from $0.58 per share in the third quarter of 2019. Analysts were looking for a faster decline.
Unadjusted net profit was $734 million or $0.52 per share, compared to $1.18 billion or $0.78 per share a year earlier.
This week, HP’s stock traded close to the levels seen a year earlier. It closed Thursday’s regular session higher and gained further during the extended hours, following the announcement. The shares have lost 10% since the beginning of the year.
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