HP Inc Falls After Q3 Earnings; CEO To Step Down

HP Inc HPQ shares are down after reporting a third-quarter sales miss.

Earnings came in at 58 cents per share, beating estimates by 3 cents. Sales came in at $14.6 billion, missing estimates by $20 million.

"We continued to deliver strong free cash flow and non-GAAP EPS growth, while raising our non-GAAP EPS outlook," said Dion Weisler, HP's President and CEO. "We are delivering industry leading innovation across our portfolio, and I am confident we are taking the right actions to position HP for the future."

The company also announced Weisler will step down as CEO, while remaining a director on the company’s board. Enrique Lores will be appointed CEO effective Nov. 1, 2019.

Highlights

• Net revenue up 0.1% year-over-year
• Free cash flow of $2.2 billion
• $800 million returned to shareholders through share repurchases

HP Inc shares traded lower by 4.9% to $18 in Thursday's after-hours session.