HP's share price fell 6.2% as of 11 a.m. ET, having been down as much as 12.4% earlier in the session. The company reported non-GAAP earnings per share of $0.83 on sales of $15.68 billion for fiscal Q3 2026 (ended July 31), significantly exceeding average analyst targets of $0.69 EPS and $14.43 billion in sales. HP also raised its full-year adjusted EPS target to $3.19-$3.29 from previous guidance of $2.90-$3.10. However, investors are focusing on the company's caution regarding rising component costs, which are expected to pressure operating margins, and an anticipated substantial decline in the consumer PC market in the second half of the year. The Q3 beat and guidance raise were also substantially driven by tariff refunds.