HP stock was down 6.2% as of 11 a.m. ET, after falling as much as 12.4% earlier in the session. The company reported non-GAAP earnings per share of $0.83 on revenue of $15.68 billion for its fiscal third quarter 2026 (ended July 31), significantly exceeding analysts' average estimates of $0.69 per share and $14.43 billion in revenue. HP also raised its full-year adjusted EPS guidance from its previous forecast of $2.90–$3.10 to $3.19–$3.29. However, investors focused on the company's warning about rising component costs—expected to pressure operating margins—and an anticipated significant decline in the consumer PC market in the second half of the year. Furthermore, the better-than-expected third-quarter results and upward revision of guidance were largely attributed to tariff refunds.