As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at hardware & infrastructure stocks, starting with HP (NYSE: HPQ).

The Hardware & Infrastructure sector will be buoyed by demand related to AI adoption, cloud computing expansion, and the need for more efficient data storage and processing solutions. Companies with tech offerings such as servers, switches, and storage solutions are well-positioned in our new hybrid working and IT world. On the other hand, headwinds include ongoing supply chain disruptions, rising component costs, and intensifying competition from cloud-native and hyperscale providers reducing reliance on traditional hardware. Additionally, regulatory scrutiny over data sovereignty, cybersecurity standards, and environmental sustainability in hardware manufacturing could increase compliance costs.

The 9 hardware & infrastructure stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3.6% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 14.7% since the latest earnings results.

Weakest Q3: HP (NYSE: HPQ)

Born from the legendary Silicon Valley garage startup founded by Bill Hewlett and Dave Packard in 1939, HP (NYSE: HPQ) designs and sells personal computers, printers, and related technology products and services to consumers, businesses, and enterprises worldwide.

HP reported revenues of $14.64 billion, up 4.2% year on year. This print exceeded analysts’ expectations by 0.7%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ full-year EPS guidance estimates and a slight miss of analysts’ EPS guidance for next quarter estimates.

"HP’s strategy to lead the Future of Work continues to deliver strong performance, marked by our sixth consecutive quarter of revenue growth,” said Enrique Lores, President and CEO of HP Inc.

The stock is down 20.3% since reporting and currently trades at $19.40.

Read our full report on HP here, it’s free.

Best Q3: IonQ (NYSE: IONQ)

Founded by quantum physics pioneers from the University of Maryland and Duke University in 2015, IonQ (NYSE: IONQ) develops quantum computers that process information using trapped ions to solve complex computational problems beyond the capabilities of traditional computers.

IonQ reported revenues of $39.87 million, up 222% year on year, outperforming analysts’ expectations by 47.8%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

IonQ pulled off the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 14.4% since reporting. It currently trades at $47.44.

Is now the time to buy IonQ? Access our full analysis of the earnings results here, it’s free.

Super Micro (NASDAQ: SMCI)

Founded in Silicon Valley in 1993 and known for its modular "building block" approach to server design, Super Micro Computer (NASDAQ: SMCI) designs and manufactures high-performance, energy-efficient server and storage systems for data centers, cloud computing, AI, and edge computing applications.

Super Micro reported revenues of $5.02 billion, down 15.5% year on year, falling short of analysts’ expectations by 13.2%. It was a slower quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ operating income estimates.

Super Micro delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. As expected, the stock is down 33.3% since the results and currently trades at $31.63.

Read our full analysis of Super Micro’s results here.

NetApp (NASDAQ: NTAP)

Founded in 1992 as a pioneer in networked storage technology, NetApp (NASDAQ: NTAP) provides data storage and management solutions that help organizations store, protect, and optimize their data across on-premises data centers and public clouds.

NetApp reported revenues of $1.71 billion, up 2.8% year on year. This result beat analysts’ expectations by 1.1%. More broadly, it was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates but revenue guidance for next quarter slightly missing analysts’ expectations.

The stock is down 12.8% since reporting and currently trades at $97.25.

Read our full, actionable report on NetApp here, it’s free.

Xerox (NASDAQ: XRX)

Pioneering the modern office copier and inventing technologies like Ethernet and the laser printer, Xerox (NASDAQ: XRX) provides document management systems, printing technology, and workplace solutions to businesses of all sizes across the globe.

Xerox reported revenues of $1.96 billion, up 28.3% year on year. This print came in 3.2% below analysts' expectations. Aside from that, it was a satisfactory quarter as it also logged a beat of analysts’ EPS estimates but a significant miss of analysts’ revenue estimates.

The stock is down 33.1% since reporting and currently trades at $2.29.

Read our full, actionable report on Xerox here, it’s free.

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