HP Stock Falls On Layoffs, Weak Guidance: Q4 Earnings Details

Benzinga

HP beat Q4 earnings expectations but issued weak guidance and announced a major restructuring that will cut up to 6,000 jobs and target $1 billion in savings by 2028. The company plans to focus on AI-driven innovation while absorbing $650 million in restructuring charges. Shares fell over 5% in extended trading.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02HP shares fell in extended trading after the company reported fourth quarter earnings

00:06and issued week forward guidance. HP reported adjusted earnings of $0.93 per share on $14.6

00:13billion in revenue, beating Wall Street estimates of $0.92 per share and $14.48 billion. The company

00:21announced a cost-cutting initiative targeting approximately $1 billion in gross run rate

00:26savings by fiscal 2028 and expects $650 million in restructuring and related charges.

00:34HP said it plans to reduce its global headcount by 4,000 to 6,000 employees.

00:39CEO Enrique Lors said HP's strategy is driving sustained revenue growth and that the company

00:44will prioritize AI-focused innovation and disciplined execution to deliver long-term shareholder value.

00:50HP shares were down 5.18% at $23.06 in Tuesday's extended session.

00:57For all things money, visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended