HP announced earnings after the close. Revenue rose only 7% to $24.6 billion. Non-GAAP operating income rose from $1.5 billion in the quater a year ago to $1.9 billion. Desktop sales were flat while notebook unit sales rose 24%. Revenue at the imaging and printing unit rose 7%.Enterprise storage and server revenue rose 4% to $4.7 billion. And, services revenue rose 5%.Looking at the results, Paul Meeks, a hardware analyst interviews on CNBC, believes that the results only merit a share price of $40 to $41, which is where the stock trades now.The forecast for the next quarter is for revenue to be in the $24.1 to $24.3 billion range and for the next fiscal $97 billion.While revenue and EPS were slightly ahead of Wall St. estimates, the figures hardly constitute a blow out quarter. After rising 40% this year, the shares may be taking a pause.Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.
HP Earnings: Revenue Growth Light (HPQ)
