HP (NYSE:HPQSaudi Telecom Company (SABIC) is scheduled to announce its third-quarter earnings results on Wednesday, August 28, after the market closes.
Analysts expect earnings of $0.86 per share (flat year-over-year) on revenue of $13.36 billion (+1.2% year-over-year).
The company is expected to post consistent results. With the onset of seasonal demand.
According to TD Cowen, investor sentiment remains mixed on the tech hardware space. “Our analysis suggests that enterprise storage demand is trending slightly below expectations, AI server supply is improving and PCs are experiencing seasonal growth.”
Over the past two years, HPQ has beaten earnings per share estimates 88% of the time and beat revenue estimates 25% of the time.
Over the past three months, earnings per share estimates have seen 8 upward revisions and 5 downward revisions. Revenue estimates have seen 3 upward revisions and 8 downward revisions.
“We expect the company to be cautiously optimistic about its 2H24 revenue trajectory given the school seasonality, new AI-powered PC offerings, and easier year-over-year comparisons,” said TD Cowan. “For the printing business, we expect the market volatility that pushed USD/JPY to a peak of around ¥161 in the July 3Q to be a negative for the quarter, but the easing of exchange rates since then should be a relative improvement over 3Q15.”
HP has a Hold rating on the South African Quantitative Rating System, while Wall Street analysts have recommended Buy.
So far this year, HPQ shares are up about 17.9%, roughly in line with the broader S&P 500’s 17.8% gain.
The post HP Q3 2024 Earnings Preview: In-line expectations on seasonal demand (NYSE:HPQ) first appeared on Investorempires.com.