HP tops Q2 earnings targets, but revenue slips on weak PC and printer demand

HP's segment revenues in Q2 were down across the board.

HP Inc. reported second quarter financial results Wednesday that showed the company's continued struggle with the weakening PC and printer market.

A quick glance at HP's balance sheet shows segment revenues down across the board.

Personal systems revenue fell 10 percent with consumer sales falling 16 percent. Commercial sales fell seven percent and printing revenue fell 16 percent from a year ago.

Overall, the tech giant reported a net income of $660 million, or 38 cents per share (statement).

Non-GAAP earnings were 41 cents per share on revenue of $11.6 billion, down 11 percent year-over-year.

Wall Street was looking for earnings of 38 cents per share with $11.72 billion in revenue.

As for the outlook, HP lowered its previous EPS projection for this fiscal year, which sent its shares lower in late trading. Last quarter HP projected non-GAAP earnings to be $1.59 a share to $1.69 a share. The company now expects a rage of $1.59 to $1.65 per share.

For the current quarter, HP expects non-GAAP earnings between 37 cents a share and 40 cents a share. Wall Street is expecting Q2 earnings of at least 41 cents a share.

HP CEO Dion Weisler acknowledged the "tough market conditions" the company currently faces, but said HP's long-term growth strategy is still intact.

"I'm confident in our ability to execute and remain committed to our plan for growth," Weisler said.