Menu
HP tops estimates as personal systems shine

HP tops estimates as personal systems shine

Vendor's personal systems business accounts for more than 60 per cent of total revenue

Dion Weisler (HP)

Dion Weisler (HP)

Credit: HP

HP has reported better-than-expected quarterly results and raised its full-year adjusted profit forecast as it benefits from strong growth in its personal systems business and its acquisition of Samsung's printer business.

Shares of the company, formed out of the 2015 split of Hewlett-Packard, were volatile in after-market trading and were last down 1.4 per cent in low volumes - they had gained 16.6 per cent this year.

HP’s personal systems business, which includes desktops and notebooks and accounts for more than 60 per cent of total revenue, rose 12 per cent to US$9.4 billion, beating analysts' average estimate of US$9.06 billion, according to Thomson Reuters.

“Q3 was another strong quarter, with consistent and balanced performance across segments and regions”, said Dion Weisler, president and CEO of HP.

“We delivered differentiated innovation in our core, advanced our growth initiatives and are investing in our future while delivering profitable growth, with non-GAAP EPS up 21 per cent year over year.”

The Palo Alto, California-based company had the top position in worldwide PC shipments in the second quarter with a 23.9 per cent market share, according to research firm IDC’s data.

HP, which completed the acquisition of Samsung Electronics’s printer business last year, said revenue from its printing business rose about 11 per cent to US$5.19 billion, above analysts' estimate of US$5.11 billion.

The company raised its forecast for full-year adjusted profit to between US$2 and US$2.03 per share, from US$1.97 and US$2.02 per share earlier.

Analysts on average were expecting US$2, according to Thomson Reuters.

Excluding items, HP reported a profit of 52 cents per share for the third quarter ended July 31, one cent above the average analyst estimate - net revenue rose about 12 per cent to US$14.59 billion.

Analysts on an average had expected revenue of US$14.27 billion.

(Reporting by Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila)


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 HPPrinterPC

Events

Featured

Slideshows

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

This year’s Reseller News 30 Under 30 Tech Awards were held as an integral part of the first entirely virtual Emerging Leaders​ forum, an annual event dedicated to identifying, educating and showcasing the New Zealand technology market’s rising stars. The 30 Under 30 Tech Awards 2020 recognised the outstanding achievements and business excellence of 30 talented individuals​, across both young leaders and those just starting out. In this slideshow, Reseller News honours this year's winners and captures their thoughts about how their ideas of leadership have changed over time.​

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners
Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

This exclusive Reseller News Exchange event in Auckland explored the challenges facing the partner community on the cloud security frontier, as well as market trends, customer priorities and how the channel can capitalise on the opportunities available. In association with Arrow, Bitdefender, Exclusive Networks, Fortinet and Palo Alto Networks. Photos by Gino Demeer.

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security
Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomed 2019 inductees - Leanne Buer, Ross Jenkins and Terry Dunn - to the fourth running of the Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed the changing face of the IT channel ecosystem in New Zealand and what it means to be a Reseller News Hall of Fame inductee. Photos by Gino Demeer.

Reseller News welcomes industry figures at 2020 Hall of Fame lunch
Show Comments