FILE PHOTO – A Hewlett-Packard logo is seen at the company’s Executive Briefing Center in Palo Alto, California January 16, 2013. REUTERS/Stephen Lam/File Photo
February 22, 2018
HP Inc <HPQ.N>, which houses the hardware business of former Hewlett-Packard Co, reported a better-than-expected revenue and profit in the first quarter as the company sold more personal computers and printers.
Shares of the company rose 8 percent to $23.11 after the bell on Thursday.
HP Inc’s personal systems business, which accounts for nearly two-thirds of the company’s total revenue, rose nearly 15 percent to $9.44 billion, beating the average analyst estimate of $8.50 billion.
Despite a shrinking PC market in the United States, the company continued to pick up market share, after toppling Lenovo Group Ltd <0992.HK> last year from the top position globally, according to research firm Gartner Inc <IT.N>.
Net earnings rose to $1.94 billion, or $1.16 per share, in the quarter ended Jan. 31, from $611 million, or 36 cents per share, a year earlier, benefiting from a one-time tax gain of $1.03 billion.
Revenue rose 14.5 percent to $14.52 billion.
Excluding items, the Palo Alto, California-based company earned 48 cents per share.
Analysts on average were expecting 42 cents per share and revenue of $13.49 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur)
