About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

智通财经5月29日电，惠普公司下调年度利润预测后，其股价下跌13%。 ...

虽然财季利润遭遇大幅下滑，但惠普称，第二财季公司还是以分红派息和股票回购的方式回馈给股东4 亿美元。 值得一提的是，在业绩报告中，惠普还下调了2025财年的指引预期，同样令不少投资者失望。 5月28日盘后，美股市场多只科技股迎来上涨，英伟达（NVDA.US）、苹果（AAPL.US）、亚马逊 （AMZN.US）等均有不错表现。 不过，也有一些科技股的盘后表现不佳，其中惠普（HPQ.US）的股价在盘后遭遇跳水式;暴跌，此后虽 然有所回升，但仍有近8%的跌幅。 而惠普的股价在5月28日盘后出现显著异动下跌和最新披露的业绩报告有关。 根据最新业绩报告，于2025财年第二财季，惠普实现净营收132亿美元，同比增长3%，略超分析师预 期。 按业务划分，惠普包括个人电脑在内的个人系统业务收入同比增长7%至90亿美元，营业利润率为 4.5%，同比下降150个基点。其中，消费级个人系统业务收入同比增长2%，商用级个人系统业务同比 增长9%。 打印业务的收入同比下降4%至42亿美元，营业利润率为19.5%。其中，消费级打印机收入同比下降 3%，商用级打印机收入亦同比下降3%。耗材收入同比下降5%。 利润端，2025财年第二财季， ...

智通财经5月29日电，摩根大通将惠普目标价从30美元下调至27美元。 ...

上市进行时 深圳市飞速创新技术股份有限公司 36氪获悉，据港交所，深圳市飞速创新技术股份有限公司向港交所提交上市申请书，联席保荐人为中金 公司、中信建投国际、招商证券国际。 上海仙工智能科技股份有限公司 36氪获悉，据港交所，上海仙工智能科技股份有限公司向港交所提交上市申请书，独家保荐人为中金公 司。 TOP3大新闻 员工从总监降职为"前台"，公司被判赔26万 陈某某2006年入职后担任公司信息管理中心总监职务，解除劳动合同前12个月平均月薪为20205元。 2019年公司将陈某某职务从总监降级为普通员工，办公地点从办公室调整到8楼楼梯大厅的前台位置， 调岗后的待遇保持不变。 陈某某认为，公司调岗的真实原因是公司与其协商解除劳动关系未能协商一致，所以公司故意给他"穿 小鞋"，将其调至8楼前台工作，取消了打印机使用权限，搬走其办公电脑，以其事实行为拒绝提供劳动 条件。公司认为，这是公司正常用工行为，陈某某工作绩效考核成绩较差，公司出于优化调整需要曾与 其协商解除劳动合同，就赔偿事宜进行协商，但双方未能达成一致意见。 最终，法院判决认为该调岗行为明显具有侮辱性和惩罚性，公司支付陈某某解除劳动合同的经济补偿 262 ...

洛雷斯表示："显然，现在的经济环境与2月份大不相同，消费者和一些企业的信心明显发生了变 化。"他表示，除了经济疲软外，全行业的价格上涨也在损害需求。"我们认为谨慎很重要。" 长期低迷的个人电脑市场近几个季度开始复苏，但关税正在阻碍这一进程。 行业研究公司IDC的数据显示，3月份当季个人电脑出货量增长4.9%。这家市场研究公司表示，其中部 分原因可能是客户赶在特朗普总统4月2日宣布的关税之前购买。 智通财经APP获悉，惠普公司(HPQ.US)在美股盘后一度下跌约15%，此前该公司公布的利润展望不及预 期，并下调了全年盈利预测，指出经济疲软以及美国对中国商品加征关税带来的持续成本影响。截至发 稿，惠普盘后跌11.47%，报24.08美元。 财报显示，惠普在截至4月30日的第二财季营收为 132 亿美元，同比增长 3.1%，超出市场预期；每股收 益为71美分，而平均预期为81美分。 该公司表示，在截至7月的第三财季，剔除部分项目的每股收益将为68至80美分。分析师的平均预期为 91美分。首席财务官凯伦·帕克希尔表示，关税相关影响以及惠普将生产迁出中国的支出令每股收益减 少了12美分。 首席执行官恩里克·洛雷斯在接受 ...

Financial Performance - HP reported $13.22 billion in revenue for the quarter ended April 2025, a year-over-year increase of 3.3% [1] - The EPS for the same period was $0.71, down from $0.82 a year ago, representing a decline of 13.4% [1] - The reported revenue was a surprise of -1.51% compared to the Zacks Consensus Estimate of $13.42 billion [1] - The EPS surprise was -11.25% against the consensus estimate of $0.80 [1] Key Metrics - Days in accounts payable were 130 days, better than the two-analyst average estimate of 134 days [4] - Days of sales outstanding in accounts receivable were 30 days, slightly above the average estimate of 29 days [4] - Days of supply in inventory were 70 days, compared to the average estimate of 73.5 days [4] Revenue Breakdown - Net revenue from Personal Systems - Commercial PS was $6.79 billion, below the average estimate of $6.99 billion, with a year-over-year change of +8.7% [4] - Net revenue from Personal Systems - Consumer PS was $2.24 billion, slightly above the average estimate of $2.20 billion, representing a +2.5% year-over-year change [4] - Total net revenue from Personal Systems was $9.02 billion, below the average estimate of $9.19 billion, with a +7.1% year-over-year change [4] - Net revenue from Printing - Supplies was $2.73 billion, slightly below the average estimate of $2.75 billion, reflecting a -4.9% year-over-year change [4] - Net revenue from Printing - Commercial Printing was $1.17 billion, below the average estimate of $1.19 billion, with a -3.2% year-over-year change [4] - Net revenue from Printing - Consumer Printing was $289 million, slightly above the average estimate of $287.61 million, representing a -3.3% year-over-year change [4] - Total net revenue from Printing was $4.18 billion, below the average estimate of $4.23 billion, reflecting a -4.3% year-over-year change [4] Operational Earnings - Earnings from operations in Printing were $814 million, exceeding the average estimate of $795.04 million [4] - Earnings from operations in Personal Systems were $409 million, below the average estimate of $532.89 million [4] Stock Performance - HP shares returned +11.1% over the past month, outperforming the Zacks S&P 500 composite's +7.4% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Financial Position - As of April 30, 2025, cash and cash equivalents were $2.697 billion, down from $3.238 billion as of October 31, 2024[211] - Total debt increased to $10.737 billion as of April 30, 2025, compared to $9.669 billion as of October 31, 2024[211] Cash Flow Activities - Net cash provided by operating activities decreased by $0.3 billion to $412 million for the six months ended April 30, 2025, primarily due to an unfavorable cash conversion cycle[212] - Net cash used in investing activities increased by $0.9 billion to $1.133 billion for the six months ended April 30, 2025, mainly due to collateral posted for derivative instruments[217] - Net cash provided by financing activities increased by $1.3 billion to $198 million for the six months ended April 30, 2025, primarily due to a $1.0 billion increase in proceeds from debt[218] Shareholder Returns - HP returned $0.7 billion to shareholders in the form of cash dividends of $0.5 billion and share repurchases of $0.2 billion during the six months ended April 30, 2025[219] Operational Efficiency - The cash conversion cycle improved by 12 days to (30) days as of April 30, 2025, compared to (42) days as of October 31, 2024[213] - Days of sales outstanding (DSO) decreased by 3 days to 30 days as of April 30, 2025, reflecting favorable revenue linearity[215] Pension and Restructuring Contributions - The company anticipates making contributions of approximately $15.0 million to non-U.S. pension plans and $17.0 million for U.S. non-qualified pension plan participants for the remainder of fiscal year 2025[227] - Future cash payments of approximately $0.3 billion are expected in fiscal year 2025 as part of the approved restructuring plans[228] Tax Liabilities and Partnerships - As of April 30, 2025, the company has approximately $1.1 billion in recorded liabilities related to uncertain tax positions[229] - The company has not engaged in transactions that create material relationships with unconsolidated entities or financial partnerships for off-balance sheet arrangements[230] - The company utilizes third-party arrangements for cash and liquidity management, providing liquidity to partners for working capital needs[231]

Core Viewpoint - HP reported quarterly earnings of $0.71 per share, missing the Zacks Consensus Estimate of $0.80 per share, representing an earnings surprise of -11.25% [1][2] Financial Performance - The company posted revenues of $13.22 billion for the quarter ended April 2025, missing the Zacks Consensus Estimate by 1.51%, compared to year-ago revenues of $12.8 billion [2] - Over the last four quarters, HP has not surpassed consensus EPS estimates and has topped consensus revenue estimates just once [2] Stock Performance - HP shares have lost about 13.2% since the beginning of the year, while the S&P 500 has gained 0.7% [3] - The current Zacks Rank for HP is 4 (Sell), indicating expected underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.82 on revenues of $14.14 billion, and for the current fiscal year, it is $3.44 on revenues of $55.09 billion [7] - The estimate revisions trend for HP is currently unfavorable, which may change following the recent earnings report [6] Industry Context - The Computer - Micro Computers industry, to which HP belongs, is currently in the bottom 29% of the Zacks industry rankings, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact HP's stock performance [5]

Financial Data and Key Metrics Changes - The company reported a 5% increase in revenue in constant currency year over year, marking the fourth consecutive quarter of revenue growth [8][22] - Non-GAAP operating profit fell short of expectations due to additional tariff costs, impacting earnings per share by approximately $0.12 [9][22] - Gross margin decreased to 20.7% year over year, influenced by increased tariff and commodity costs [24] Business Line Data and Key Metrics Changes - Personal Systems revenue grew 8% in constant currency, driven by strong commercial performance, with commercial revenue increasing by 9% year over year [10][26] - Print revenue declined 3% in constant currency, with growth in Europe offsetting a slowdown in North America and weak demand in China [12][28] - The operating margin for Personal Systems was 4.5%, below the guidance range, primarily due to higher tariff costs [27] Market Data and Key Metrics Changes - Revenue growth was observed across all regions, with APJ growing 9%, Americas growing 5%, and EMEA growing 1% in constant currency [23] - The company expects the PC market to grow low single digits for the second half of the year, influenced by macroeconomic uncertainties [19][33] - The print market is anticipated to decline in low single digits for the calendar year, with expectations of a mid-single-digit decline in the second half [34] Company Strategy and Development Direction - The company is focusing on diversifying its manufacturing locations to mitigate geopolitical risks, with plans for nearly all products sold in North America to be built outside of China by June [9][10] - The Future Ready Accelerated Plan aims to deliver at least $2 billion in gross annual run rate structural savings by the end of fiscal year 2025 [19][30] - The company is committed to leveraging AI to enhance productivity and employee satisfaction, with a significant focus on AI PCs and related innovations [14][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the dynamic external environment, including shifting trade policies and tariffs, which impacted operating profit [7][22] - The company remains confident in its ability to navigate market uncertainties and expects to fully mitigate tariff costs by Q4 [18][33] - Future growth is expected to be driven by strong demand in commercial PCs and the adoption of AI technologies [19][66] Other Important Information - The company returned approximately $400 million to shareholders through dividends and share repurchases [31] - Free cash flow was slightly negative due to timing of payments related to inventory actions taken for tariff mitigation [30][68] Q&A Session Summary Question: Expectations for the PC market in the second half of the year - Management noted strong demand in Q2, especially in commercial, but adopted a more prudent outlook for the second half due to economic conditions and price increases [42][43] Question: Size and growth of growth businesses - Growth businesses are performing well and are expected to represent more than 25% of the PC business by year-end, with solid growth in AIPCs and Workforce Solutions [49][50] Question: Personal Systems margins for the full year - Margins are expected to be in the 5% to 7% range for the full year, likely in the lower half due to Q2 impacts [55][56] Question: AI PCs and their impact on growth - The company is optimistic about AI PCs, which are expected to represent a significant portion of PC shipments in the coming years, driving higher average selling prices [66] Question: Mitigation actions for tariff impacts - The company has accelerated the shift of manufacturing out of China and implemented price increases across its portfolio to offset tariff costs [75][78]