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HP Inc. fiscal Q2 profit falls YOY

HP Inc. said its normalized net income for the fiscal second quarter ended April 30 came to 34 cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

In the prior-year period, the per-share result came in at a profit of 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $573.1 million, a decline from $585.0 million in the year-earlier period.

The normalized profit margin dropped to 4.6% from 5.0% in the year-earlier period.

Total revenue increased 6.9% year over year to $12.38 billion from $11.59 billion, and total operating expenses climbed 7.1% on an annual basis to $11.40 billion from $10.65 billion.

Reported net income declined 14.3% from the prior-year period to $564.0 million, or 33 cents per share, from $657.8 million, or 38 cents per share.