HP to Return $16B to Shareholders; Shares Pop 8%

By Kim Khan

Investing.com – HP (NYSE:) pleased investors on two fronts, sending shares higher Tuesday.

The stock jumped 8% in morning trading.

HP topped expectations after the bell Monday and announced a plan to return $16 billion to in capital to shareholders.

The company said it reported a fiscal first-quarter profit of 65 cents per share, excluding items, on revenue of $14.62 billion.

Analysts were looking for earnings of 54 cents per share and revenue of $14.63 billion, according to forecasts compiled by Investing.com.

Full-year guidance for a profit of $2.33 to $2.43 per share, ex items, compared with the S&P Capital IQ consensus estimate.

The company added taht it authorized a capital return program for $16 billion between fiscal 2020 and fiscal 2022. HP boosted its share repurchase authorization to $15 billion from the previously announced $5 billion and said the capital return would involve buybacks of at least $8 billion over 12 months.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.