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HP Inc. profit misses consensus by 27.0% in fiscal Q2

HP Inc. said its normalized net income for the fiscal second quarter ended April 30 came to 62 cents per share, compared with the S&P Capital IQ consensus estimate of 86 cents per share.

In the prior-year period, the per-share result came in at a profit of 62 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.15 billion, a decrease from $1.19 billion in the prior-year period.

The normalized profit margin climbed to 4.5% from 4.4% in the year-earlier period.

Total revenue decreased 6.8% year over year to $25.45 billion from $27.31 billion, and total operating expenses decreased 6.9% year over year to $23.48 billion from $25.23 billion.

Reported net income decreased 20.1% year over year to $1.01 billion, or 55 cents per share, from $1.26 billion, or 66 cents per share.