Shares in HP Inc. fell more than 3% in late trading today after the personal computer and printer company fell short of expected revenue in its fiscal 2024 first quarter.

For HP’s fiscal first quarter, the company reported adjusted earnings per share of 81 cents, up from 75 cents in the same quarter of last year, on revenue of $13.2 billion, down 4.4% year-over-year. The adjusted earnings per share was in line with what analysts had expected, but revenue fell short of an expected $13.57 billion.

HP’s personal systems net revenue came in at $8.8 billion in the quarter, down 4% year-over-year. Consumer PS revenue declined 1% and commercial PS revenue fell 5%. Total units shipped were up 5%, with consumer PS up 10% and commercial PS up a more modest 2%.

The company’s printing revenue fell 5% from a year ago, to $4.4 billion, with consumer printing revenue down 22% and commercial printing revenue down 12%. Supplies revenue was flat and total hardware units were down 17%. HP saw first-quarter net cash provided by operating activities of $121 million and free cash flow of $25 million.

In the quarter, HP made a dividend payment of 27.56 cents per share, resulting in cash usage of $300 million. HP also repurchased 16.7 million shares of common stock, valued at $500 million. The company ended the quarter with $2.3 billion in cash and cash equivalents on hand.

“Our Q1 results reflect continued progress against our Future Ready plan,” Enrique Lores, president and chief executive officer, said in the company’s earnings release. “We delivered solid earnings growth this quarter and we are well-positioned to accelerate as the market recovers.”

For its fiscal 2024 second quarter, HP expects adjusted earnings per share of 76 to 86 cents. At the midpoint, the number was in line with an expected outlook of 81 cents per share.

For the full fiscal year 2024, HP expects adjusted earnings per share of $3.25 to $3.65, which at the midpoint was also dead on the consensus analyst forecast of $3.45. HP did not provide revenue outlooks for its second quarter and full fiscal year.

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