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HP Inc. profit misses consensus by 15.7% in fiscal Q1

HP Inc. said its normalized net income for the fiscal first quarter ended Jan. 31 came to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS increased year over year from 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $533.8 million, compared with $533.8 million in the year-earlier period.

The normalized profit margin fell to 4.2% from 4.4% in the year-earlier period.

Total revenue increased on an annual basis to $12.68 billion from $12.25 billion, and total operating expenses increased on an annual basis to $11.75 billion from $11.30 billion.

Reported net income decreased on an annual basis to $619.6 million, or 36 cents per share, from $642.6 million, or 36 cents per share.