HP shares fall after revenue beat

HP Inc. HPQ, -2.78%shares rose nearly 2% in the extended session, then dipped into the red Tuesday after the company beat revenue expectations and met Wall Street earnings estimates. HP shares closed down 0.6% to $21.32 during the regular session. The company reported fiscal second-quarter net income of $1.

06 billion, or 64 cents a share, compared with $559 million, or 33 cents a share, in the year-ago period. Adjusted earnings were 48 cents a share. Revenue rose to $14 billion from $12.4 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 48 cents a share on revenue of $13.57 billion. For the fiscal third quarter, analysts model adjusted earnings of 49 cents a share on revenue of $13.93 billion. Separately Tuesday, HP said it has appointed Steve Fieler to the chief financial officer post. The company said it expects earnings of 49 cents to 52 cents a share. HP stock has gained 1.5% this year, with the S&P 500 index SPX, -1.16%rising 1.8%.