HP STOCKS CRASH 15% AFTER MISSING REVENUE ESTIMATES
HP Inc’s stock is currently trading at 20.27-lower by 15.01% as compared to the previous closing price. The company on Wednesday reported quarterly revenue that fell short of the consensus estimates due to weaker-than-expected sales in both its personal computer and printing businesses.
Sales in the personal systems business, which accounts for more than 60% of the company’s total revenue, rose 2.3% to $9.66 billion in the first quarter- below the market expectation of $9.74 billion. HP’s revenue from printing business marginally fell to $5.06 billion, below the median forecast of $5.19 billion.
The company generated an adjusted EPS of 52 cents for its latest quarter. The EPS was in line with market expectation. Net revenue rose 1.3% to $14.7 billion, missing the consensus estimates of $14.86 billion.
On the technical front, the RSI is currently at 27.85% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger Bands and is heading downwards.
TRADE SUGGESTION- STOP SELL AT 20.20 TAKE PROFIT AT 19.80 STOP LOSS AT 20.40