HP Inc recorded growth in both profit and revenue for its second fiscal quarter, though the company indicated that its profitability for the year is now expected to be lower than previously forecast.

The printer and computer manufacturer stated on Wednesday that it now anticipates full-year earnings per share to be in the range of $2.15 to $2.45. This revises the company's earlier forecast range of $2.47 to $2.77 per share. For full-year adjusted earnings per share, HP Inc expects a range of $2.90 to $3.10, lowering the top end of its previous forecast from $3.20 per share. Analysts surveyed by FactSet had anticipated $2.87 per share.

Chief Financial Officer Karen Parkhill commented, "We have delivered two solid quarters of performance. In a dynamic environment, we are executing with discipline and are enhancing our outlook for the fiscal year to reflect this."

The company had previously indicated in February that investors should expect performance to be at the lower end of its earlier forecast range, citing a shortage of memory chips which has increased costs across the technology sector.

These chips are not only used in HP Inc's computers but are also a critical component in the current build-out of artificial intelligence data centers. Memory chip manufacturers such as SanDisk and Seagate Technology are ramping up production to meet the sharply rising demand.

HP Inc had previously outlined measures to address the shortage, including raising computer prices and sourcing from lower-cost suppliers.

The company reported on Wednesday a profit of $450 million, or 49 cents per share, up from $406 million, or 42 cents per share, in the same period last year.

Excluding certain one-time items, HP Inc's adjusted earnings per share were 86 cents. Analysts surveyed by FactSet had expected 71 cents.

Revenue increased to $14.41 billion, up from $13.22 billion a year earlier and surpassing the $13.99 billion anticipated by analysts surveyed by FactSet.

Revenue from the Personal Systems division grew by 13% to $10.21 billion. Printing business revenue remained flat year-over-year at $4.2 billion.

For the current third fiscal quarter, HP Inc expects earnings per share to be between 47 cents and 63 cents. The company also forecasts adjusted earnings per share in the range of 61 cents to 71 cents, compared to analyst expectations of 64 cents.

HP Inc anticipates generating free cash flow of $2.8 billion to $3.0 billion in 2026.