# HPs Income Exceeds Predictions, But Forecast Frustrates
HP (HPQ) has reported its economic data, showing that its sales for the first quarter exceeded experts’ predictions, but its bleak forecast caused frustration.
The firm’s income rose 2.4% to $13.5 billion, slightly exceeding the general predictions of experts. Adjusted profit per share fell from 81 cents the previous year to 74 cents, which was in line with predictions.
Looking to the future, HP anticipates adjusted profit per share of 75 cents to 85 cents for the second quarter. Experts had previously anticipated 84 cents, at the top of that range.
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HP stated that this forecast reflects its expectations for increased expenses associated with increased U.S. duties on China, as well as related reduction measures. The firm emphasized its efforts to diversify its supply chain and stated that it anticipates more than 90% of goods sold in the United States to be produced outside of China by the end of 2025.
The profit report comes after HP recently reached a $116 million agreement to purchase Humane’s artificial intelligence technology and staff, Humane being the creator of the AI Pin wearable device. HP stated that a team of Humane engineers will become part of a new AI innovation center called HP IQ.
HP shares fell almost 4% in after-hours trading on Thursday. As of Thursday’s close, the stock was up about 17% over the past year.
