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Shares of
HP Inc dropped over 7 percent in after-hours trading after the company reported results for its fiscal fourth quarter and issued a weak profit forecast on Tuesday.
The company posted quarterly net income of $1.32 billion, or $0.73 per share, compared to $1.33 billion, or $0.70 per share, in the year-ago period. Its non-GAAP earnings came in at $0.93 per share, versus the company's previously issued guidance of $0.92 to $0.98 per share
Its total revenue declined 9.5 percent to $25.71 billion. However, analysts were expecting earnings of $0.97 per share on revenue of $26.36 billion.
Its revenue from enterprise services division slipped 9 percent in the quarter, while revenue from enterprise group gained 2 percent. Personal systems revenue dropped 14 percent year-over-year, while software revenue declined 7 percent. HP Financial Services revenue dipped 11 percent year-over-year.
The ended the latest quarter with $17.7 billion in gross cash.
"In these challenging markets, we are taking decisive actions that will protect our core business which generates the majority of our cash flows," said Dion Weisler, president and chief executive officer, HP Inc. "We firmly believe in our strategy and, given our scale, innovation, channel reach and brand, we are well positioned to gain profitable share in the markets where we choose to play."
For the current quarter, HP expects adjusted profit of $0.33 to $0.38 per share, versus analysts' estimates of $0.42 per share.
The company lowered its 2016 adjusted earnings outlook to $1.59 to $1.69 per share, versus earlier forecast of $1.67 to $1.77 per share.
HP shares fell 7.51 percent to $13.55 in the after-hours trading session.
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