Menu
PC demand bolsters HP earnings

PC demand bolsters HP earnings

HP Inc's personal systems business rose 14.5 per cent to US$8.76 billion in the second quarter

Dion Weisler - CEO, HP Inc

Dion Weisler - CEO, HP Inc

HP Inc has reported better-than-expected quarterly revenue and raised its full-year profit forecast, helped by strong demand for its notebooks and desktops.

The company has also named Steve Fieler as its chief financial officer, succeeding 32-year HP veteran Cathie Lesjak.

Fieler, whose appointment is effective 1 July, currently leads HP's treasury and corporate finance functions. Lesjak will step into the role of interim chief operating officer.

Shares of HP Inc, formed out of the 2015 split of Hewlett-Packard Co, were marginally up in extended trading.

The company raised its forecast for full-year adjusted profit to between US$1.97 and US$2.02 per share, from US$1.90 to US$2.00. Analysts on average were expecting US$1.97, according to Thomson Reuters I/B/E/S.

HP Inc's personal systems business, which includes notebooks and desktops and accounts for more than 60 per cent of total revenue, rose 14.5 per cent to US$8.76 billion in the second quarter. Analysts on average had expected US$8.28 billion.

The Palo Alto, California-based company had the top position in worldwide PC shipments in the first calendar quarter of 2018 with a 22.6 per cent market share, according to research firm International Data Corp's (IDC) data.

IDC analysts have said demand for premium notebooks in both the consumer and commercial segments have helped major PC vendors to retain better margins and garner buyer interest.

HP Inc, which completed the acquisition of Samsung Electronics Co's printer business last year, said revenue from its printing business rose 10.9 per cent to US$5.24 billion, above analysts' estimate of US$5.13 billion.

Net earnings jumped 89.3 per cent to US$1.06 billion, or 64 cents per share, in the quarter ended April 30, mostly helped by a one-time tax benefit of US$975 million.

Excluding items, the company earned 48 cents per share, in line with Wall Street estimates.

Revenue rose 13.1 per cent to US$14 billion, above analysts' average estimate of US$13.57 billion.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel)


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags HPtabletsdevicesPCsPClaptops

Featured

Slideshows

Reseller News Platinum Club celebrates leading partners in 2019

Reseller News Platinum Club celebrates leading partners in 2019

The leading players of the New Zealand channel came together to celebrate a year of achievement at the annual Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months.

Reseller News Platinum Club celebrates leading partners in 2019
Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosted its second annual alumnae breakfast for the Women in ICT Awards in New Zealand, designed to showcase the leading female leaders in the industry. Held at The Cordis in Auckland, attendees came together to hear inspiring keynotes and panel discussions, alongside high-level networking among peers. Photos by Gino Demeer.

Reseller News hosts alumnae breakfast for Women in ICT Awards
Reseller News Innovation Awards 2019: meet the winners

Reseller News Innovation Awards 2019: meet the winners

Reseller News honoured the standout players of the New Zealand channel in front of more than 480 technology leaders in Auckland on 23 October, recognising the achievements of top partners, emerging entrants and innovative start-ups.

Reseller News Innovation Awards 2019: meet the winners
Show Comments