财报超预期股价却暴跌！惠普(HPQ.US)盘后重挫7% 关税与内存涨价成“利润杀手”

Core Viewpoint - HP Inc. reported its Q1 FY2026 earnings, indicating that profit guidance for Q2 may fall below market expectations due to U.S. tariff policies and rising storage chip prices, with full-year earnings expected at the lower end of previous forecasts [1] Financial Performance - For Q1 FY2026, HP's revenue increased by 6.9% year-over-year to $14.4 billion, with adjusted earnings per share (EPS) of $0.81, both exceeding market expectations of $13.9 billion in revenue and $0.77 EPS [1] - The adjusted operating margin for Q1 was 6.9%, below the analyst average expectation of 7.4% [2] Market Challenges - HP faces multiple challenges, including the impact of U.S. tariffs, which have led to a shift in production outside of North America, and a shortage of storage chips causing price increases [2] - The CFO noted that memory prices have approximately doubled compared to the previous quarter and are expected to continue rising, with memory and storage costs projected to account for 35% of the PC material list this fiscal year, up from 15%-18% [2] Cost Management Initiatives - HP has initiated a multi-year cost reduction plan aimed at saving $1 billion annually by 2028, which includes restructuring-related expenses [3] Business Segment Performance - The personal systems segment, which includes both consumer and commercial PCs, saw revenue growth of 11% to $10.25 billion, driven by a 16% increase in consumer PC sales attributed to the ongoing demand for AI PCs [4] - The printing segment, which includes office printers and services, experienced a revenue decline of 2% to $4.19 billion [7] Leadership Changes and Market Outlook - Following the appointment of HP's CEO Enrique Lores to PayPal, Bruce Broussard has been appointed as interim leader while the company searches for a successor [8] - Market research indicates that global shipments of smartphones and PCs are expected to decline significantly, with the demand for consumer electronics potentially impacted by the rapid construction of AI infrastructure consuming a large portion of global storage chip supply [8]