Home Top Movers Why HP Inc (HPQ) stock plummeted on Thursday after the latest announcement?

Why HP Inc (HPQ) stock plummeted on Thursday after the latest announcement?

HP Inc. (HPQ) shares lost 5.92% in after-market on Thursday, May 27, 2021, to close the day at $30.2 per share. Earlier, HPQ’s stock lost 0.22% to close Thursday’s normal session at $32.10 per share. HPQ shares have surged 113.86% over the last 12 months, and they have moved up 0.19% in the past week. Over the past three months, the stock has gained 10.80%, while over the past six months, it has risen 47.59%.

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Let’s see what’s going on with HP Inc?

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Recent financial results announcement

On May 27, 2021, HP Inc reported its financial results for the fiscal 2nd quarter of 2021.

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Q2 2021 financial highlights

  • GAAP net earnings were $1.2 billion in Q2 2021 compared to $0.8 billion in Q2 2020.
  • GAAP diluted net earnings per share (EPS) was $0.98 in Q2 2021 compared to diluted EPS of $0.53 in Q2 2020.
  • Non-GAAP diluted net EPS was $0.93 in Q2 2021 compared to $0.51 in Q2 2020.
  • HP reported net revenue of $15.9 billion for Q2 2021 compared to $12.5 billion in Q2 2020.
  • Net cash provided by operating activities was $1.4 billion in Q2 2021 compared with $0.5 billion in Q2 2020.

Financial outlook

  • For Q3 2021 HP is expecting GAAP diluted net EPS to be in the range of $0.77 to $0.81 and non-GAAP diluted net EPS to be in the range of $0.81 to $0.85.
  • For fiscal 2021, HP is expecting GAAP diluted net EPS to be in the range of $3.24 to $3.34 and non-GAAP diluted net EPS to be in the range of $3.40 to $3.50.

Dividend declaration

On May 25, 2021, The HP Inc. board of directors declared a cash dividend of $0.1938 per share on the company’s common stock which is payable on July 7, 2021, to stockholders of record as of the close of business on June 9, 2021.

New chief people officer appointment

On May 25, 2021, HP Inc. appointed industry leader Kristen Ludgate as Chief People Officer.

Ludgate has extensive rich experience of working at different corporate levels in many reputable organizations such as 3M.

New Powerful Gaming Portfolio launched by HP

On May 20, 2021, HP introduced Victus, the next-generation mainstream-level gaming PC portfolio, with a 16-inch laptop. The company also revealed its latest gaming hardware and software designed for today’s gamers with the powerful OMEN 16 and OMEN 17, bright and customizable OMEN 25i Gaming Monitor, and community gaming with OMEN OASIS Beta feature in OMEN Gaming Hub.

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Conclusion

The HP stock performance on Thursday is a bit strange after the company announced its Q2 2021 financial results which beat the revenue and earnings estimates. We hope that HP share will recover its loss on Friday.

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