RTTNews | Aug 27, 2021 01:13PM EDT

13:13 Friday, August 27, 2021 (RTTNews.com) - The California-based tech company, HP Inc (HP) is trading 3% lower in the market due to the global shortage of semiconductors. HP reported a better third-quarter year-over-year as earnings trumped Street projections. The net income reported by HP was $1.10 billion or $0.92 per share, up from $0.70 billion or 0.52 per share last year in the same quarter. On an adjusted basis the earnings were $1.2 billion or $1.00 earnings per share compared to $0.70 billion or $0.49 earnings per share last year. On average, 16 analysts polled by Thomson Reuters projected the earnings to be $0.86 per share. HP reported revenue for the quarter of $15.30 billion, up 7% from $14.30 billion last year. The revenue was boosted by a 46% increase in commercial net revenue. Fourteen analysts expected the revenues to be $15.91 billion for the quarter. Looking forward, HP expects the earnings to be in the range of $0.82 to $0.88. On an adjusted basis, the forecast stays between $0.84 to $0.90. Analyst projection for the quarter is $0.81 earnings per share. For the full year, the company-provided outlook for earnings is in the range of $3.56 to $3.62 which becomes $3.69 to $3.75 after adjustments. The analysts projected the earnings to be $3.49 per share. The global shortage of semiconductors have stunted the production of device manufacturers in the last few months and according to Taiwan Semiconductor Manufacturing Co (TSMC) the crisis can drag on till 2022, affecting the production and business of many tech manufacturers. Currently, the shares are trading at $28.35, down $0.75 or 2.56% from their previous close at $29.10. The shares opened at $27.79 in the morning and in the 52-week period, the shares have ranged between $17.25 and $36.00.

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