U.S. Markets closed

HP beats Street 1Q forecasts

PALO ALTO, Calif. (AP) _ HP Inc. (HPQ) on Wednesday reported fiscal first-quarter net income of $611 million.

The Palo Alto, California-based company said it had net income of 36 cents per share. Earnings, adjusted for one-time gains and costs, were 38 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.

The personal computer and printer maker posted revenue of $12.68 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $11.77 billion.

For the current quarter ending in May, HP expects its per-share earnings to range from 37 cents to 40 cents.

HP shares have increased nearly 9 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 6 percent.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HPQ at https://www.zacks.com/ap/HPQ

_____

Keywords: HP, Earnings Report